Research On The Factors Affecting The Performance Of Listed Real Estate Companies In China

The real estate is an important pillar industry of the national economic development,it has always gain the attention of government,business owners and the community’s.In recent years,the development of the real estate market has not been as rapid as the previous,so how to maintain a good performance of real estate enterprises has become the key to long-term development.Therefore,to study which factors will affect performance is particularly important.In this paper,by reading a lot of literatures,on the basis of previous research,the author had used the knowledge of performance and financial management to select asset returns as performance indicator,at the same time,selecting the capital structure,asset liquidity,ownership concentration,monetary policy,land supply as performance variables,correspondingly,selecting the rate of assets and liabilities the liquidity ratio,the top shareholder,the monetary supply,the land price growth rate variables as their indicators.Then,based on 109 real estate listed companies in China,this paper analyzes the factors that affect the performance of real estate listed companies by means of multiple linear regression.The result shows that the capital structure and performance have a significant negative correlation,the liquidity of the assets and performance have a significant negative correlation,the a ownership concentration and performance have a significant negative correlation,the land supply and performance have a significant positive correlation,and only monetary policy was not as expected to be confirmed.According to the monetary policy of the transmission mechanism,monetary policy can affect the real estate market demand,and then have an impact on the performance of enterprises,in order to further look for the relationship of the two,this paper uses the same data samples and uses the VAR model to analyze the intermediate conduction path of monetary policy,namely,"monetary policy-demand",and the final result shows that monetary policy can really affect Operating cash flow.The two empirical results show that China’s monetary policy can affect the cash flow of enterprises,but it can not effectively affect the performance of real estate listed companies,indicating that monetary policy control role is limited.At the end of this paper,according to the above empirical results,this paper puts forward the management suggestions:Firstly,the real estate enterprises should not be blindly put into construction as in the past,should fully grasp the current environment to achieve reform and innovation;Secondly,real estate listed companies also should maintain a moderate asset liquidity to enhance business performance;Finally,the company’s equity should also maintain a moderate proportion to prevent the blind dictatorship caused by relative concentration of equity,and meantime to prevent the slow response to the external environment Change caused by loosening equity.