Study On The Relationship Between State-Owned Shareholding Ratio And Performance Of China Listed A-Share Real Estate Companies

The implementation of mixed ownership reform in state owned enterprises is a hot spot in the present?Competitive real estate industry in the implementation of mixed ownership reform is more successful than others.In this paper,the relationship between state ownership and firm performance in the real estate industry is analyzed based on the theoretical and empirical research.This paper argues that the implementation of the privatization reform of the state-owned enterprises will promote the performance of the company,the introduction of institutional investors in the real estate business,the development of employee stock ownership plan will also promote the role of the company's performance.The process of privatization of state-owned enterprises will be affected by the external institutional environment,but also by the scale of enterprises,capital structure,operational efficiency,enterprise scale and other internal factors.For the relationship between the proportion of state-owned shareholding and corporate performance,there are four views,namely,positive "U" type,inverted "U" type of related,negative correlation,not significantly positive correlation.In the part of theoretical analysis,this paper points out that the development of mixed ownership reform has been for many years in our country,put forward the view of mixed ownership can inject new impetus for economic development,but it still faces many difficulties.Combined with the existing literature,this paper argues that,in addition to public policy enterprises,other types of state-owned enterprises can develop a mixed ownership structure.Real estate industry with high added value,will have a greater impact on the economic operation,in its ownership structure,stateowned capital occupy a large proportion,therefore,the implementation of mixed ownership reform is important.This paper reviews the literature on the effect of the administrative level of the actual controller on the performance of the company,A hypothesis is put forward that the administrative level of the actual controller will affect the relationship between the proportion of state-owned shareholding and the performance of the company;Combined with the existing literature,the stateowned enterprises are divided into two categories according to whether the government intervention in the production and operation of enterprises,for these two types of enterprises,this paper proposes two ways to affect the performance of the company,so as to lead to hypothesis two: the state-owned shareholding ratio and the performance of the company has a positive "U" type relationship or inverted "U" type relationship.On the basis of the above,this paper puts forward the effect mechanism of the state-owned shareholding ratio on the performance of the real estate enterprise.In the analysis of the current situation,this paper points out that the state-owned capital withdraw from the real estate industry is a slow process.Measured by the total market value of real estate business performance,found that the contribution is not very high.In real estate enterprises,the contribution rate of private enterprises is significantly higher than the state-owned enterprises.In state-owned enterprises,the central enterprises performed much better than others.State-owned real estate enterprises are gradually reduced,but the government still holds a large proportion of real estate enterprises.Equity concentration of real estate enterprises,has experienced a decline after the first rise.Among the top ten real estate enterprises,Central enterprises accounted for half of the places.By measuring the concentration of industry,it can be proved that the commercial real estate development industry is indeed a competitive field.For the part of the empirical study,this paper choose from 2004 to 2015 84 listed real estate companies as the basis of the panel data,established a full sample regression model.On this basis,according to the actual control of the real estate enterprise executive level,the sample companies are divided into the central,provincial,District,private four categories,respectively,done the panel regression.The results show that there is a positive "U" relationship between the state-owned shareholding ratio and the corporate performance,which shows that the government has a certain effect on the production and operation of these two types of enterprises.Provincial enterprises and private enterprises with the state-owned shareholding ratio and the performance of the company,there is a "U" type of relationship,which shows that for these two types of enterprises,the government is mainly invested in the way of capital investment to obtain dividends.In the regression model of the four types of enterprises,there is a certain difference for the control variables on the performance of enterprises.This paper argues that whether the real estate enterprises should introduce institutional investors,the development of employee stock ownership plan or not,still need to base on the actual situation of enterprises.The regression results have proved the theoretical research part,from the hypothesis to the mechanism of action.In addition to the reasons for the formation of such a classification,the source of financial funds and the division of China's various levels of government played main role.Finally,this article believes that in the real estate industry,the state-owned capital should start from the actual situation of different types of enterprises,and make appropriate adjustments to the way of equity participation.