Under The Background Of Macroeconomic Regulation And Control Executive Team Characteristics Influence On Real Estate Enterprise Financial Risk Research

The real estate market of China has reformed in 1998 and it began to gradually rise.Since the 21 st century, the real estate industry to flourish, moving to become the backbone industry of the national economy. However, the high speed of development course some questions that also need to be aware of the parties. The immature real estate market, the imperfection of the supervision system, the domestic financial and stock market is very unstable, fast and hard "bubble" of development has led to real estate developers in the financial situation. Impact. National regulation and control policy is more frequently to enterprise’s development has brought intense. In additionally, the company executives as the executor of the enterprise management, its characteristics such as age, educational background and professional background will be a certain impact on the company’s strategic decision-making. The characteristics of the senior management team research on the influence of the financial risk is also growing. This article from the high ladder team theory, introduces enterprise’s senior management team characteristics in corporate governance, the senior management team characteristics on the influence of enterprise financial risk and the macroeconomic regulation and control policy and adjustment effect between financial risks.This paper has made an empirical analysis with fixed effects regression model based on the panel data of listed real estate companies from 2003 to 2013. The paper analysis the macroeconomic regulation and control policy, the executive team average age, education background and professional background of the financial risk of enterprise, and the senior management team characteristics as control variables to study the the adjustment effect of macroeconomic regulation and control policy and financial risk. Firstly, the article introduces the background of thesis writing and research significance. And then, it reviews on macroeconomic regulation and control policy, corporate governance and financial risk of related literature At home and abroad. Thirdly, it expounds the status of the macro regulation policy, high ladder team theory and risk management of real estate related theoretical basis. Finally, it builds multivariate regression model based on these theories research assumptions, and reapply Stata12.0 empirical test and analysis of panel data analysis software and make a meaningful conclusion.The result shows that: firstly, the more liberal the national macro-control policies are,the greater the financial risk of real estate listed companies will be. Secondly, Senior management team average age is negatively related with financial risk, the higher theexecutive team average age, the lower the level of listed real estate companies in China financial; Executive team average age can adjust the macroeconomic regulation and control policy a negative impact on financial risk, namely under the condition of the macroeconomic regulation and control policy loosening, improve the executive team average age is more advantageous to reduce the company’s financial risk, and finally on the basis of the analysis put forward some advice to perfect the corporate governance structure.