An Empirical Analysis Of The Relationship Between Management Characteristics And Enterprise Growth

China's real estate market is gradually moving toward standardization,real estate credit crunch,real estate enterprise funds pressure than ever,real estate "profiteering era" end.Profit tends to increase competition,the real estate business managers need to face new challenges.This puts forward higher request to the enterprise senior management especially in the enterprise daily management decision.Choosing management layer characteristics and real estate growth of listed companies as the research object,in the enterprise growth on the basis of the characteristic of management theory and the theory of,from the perspective of dynamic forecast real estate enterprises in the future for a period of time increment ability and development situation.The expectations theory,the principal-agent theory,enterprise growth factors and the upper echelons theory based on,from the three aspects of the management layer characteristics,enterprise between growth and their relationship to the domestic and foreign management layer characteristics and enterprise growth research to sort out.After the analysis of the status quo of the growth of real estate listing Corporation,and compared with other typical listing Corporation growth status.According to the characteristics of real estate listing Corporation and the conclusions of the previous studies,this paper puts forward the research hypothesis and construct the multiple regression model of the management characteristics and growth of the real estate listing Corporation.The selection of the listed company of real estate management's average age,education background,management scale,the proportion of independent directors,the chairman and general manager,management's shareholding ratio of six representative index as the explanatory variables;and through factor analysis calculation of growth factor as a measure of growth be explained variables were analyzed by descriptive statistics,correlation analysis and regression analysis and in the empirical analysis in accordance with the enterprise's growth cycle to real estate listed companies according to the cash flow method is used to divide is growing period,mature period and decline period of comparative study.Finally draws the conclusion of the study: real estate listed company management layer age in each growth period are and enterprise growth is related;education background in recession period and the growth of enterprises is not related,is positively related to other periods;management firm size and growth in the mature period negatively correlated,at other times a weak correlation;proportion of independent directors and growth in each life cycle are not related to,which is consistent with the hypothesis;two duty state and growth in the mature period and the recession period is related,in the growth period and the correlation is not strong;management shareholding and corporate growth were not related.Finally,according to the results of the empirical conclusions proposed: real estate listed companies should be equipped with a reasonable management structure,including the age structure reasonable and maintain a reasonable number of people,ability to strengthen management,improve the system of independent directors,the post of chairman of the board and general manager of a leading guide right form.