Research On Management Expense Ratio On Corporate Performance Of Real Estate Listed Companies

Since the abolition of the welfare housing system in 1998,real estate has been develo ping gradually in Chinese market economy system and its status in the national economy has improved considerably.Real estate industry has become a pillar industry in the nationa economy,which has aroused great attention of the academiac?In recent years,researches o n real estate industry have been increasingly rich and are explored from different perspecti ves,but most of these studies take company's performance as a viewpoint because the perf ormance level can accurately reflect the operating status of the industry.And as the bellwet her of the national economy,the real estate industry,whose overall level of the developme nt,to some degree,determines the benign extent of national economic development.but most of the research on the real estate industry will be the company's performance as a point of view,the performance level can accurately reflect the operating state of the industry,and the real estate industry as the national economy "barometer",the overall level of the development of the industry to a certain extent also decided I Benign degree of economic development of our country from the existing data and theoretical point of view,the real estate industry is still the China rough type development,industry maturity is not high,according to the study of Han Lu,the overall management level of China's real estate industry,with excellent management of enterprises is not much,so the level of management is one of the important factors that hindered the development of the real estate industry,as the dominant index of the management level of management fees(management fee rate)has been the subject of concern,it represents not only the enterprise to maintain operating expenses,but also embodies the operational efficiency of enterprises,follow the"theoretical basis This paper explores the relationship between management cost and performance of listed real estate companies in China.First of all,in the research preparation stage,the concept of the required research object is defined,and the internal meaning is further understood,including the basic attributes of management fees and corporate performance and related extensions.Secondly,the existing literature at home and abroad on this issue involves combs and reviews,can know the research on the performance of the real estate industry is relatively large,while the research on the management cost of the real estate industry has been less,and the side of the whole point in most existing management costs in use and the corresponding measures,and can not reflect the substantial relationship between cost andperformance management,improve the necessity of this study.Again,the current situation related to the real estate industry explained,irst elaborates on the current problems in the industry as a whole,according to the purpose of this research,selecting 2009-2016 A shares 105 listed real estate companies as research samples,and according to the data before and after the 2011 market regulation,the real estate enterprises in different development qualification data Real Estate Company headquarters data related to differences in classification,management fees and performance status of the real estate listed companies as a whole,according to the present situation of the three categories to illustrate the description to the status of the industry from two perspectives of overall and partial,Through the comparison of the data can be found,the development status of the real estate industry is relatively good,since 2009 revenues remained more than 10% growth,but the impact of the 2011 market regulation policy on the real estate industry is obvious,there are obvious differences between the data before and after the property market regulation,qualification and area can also reflect the overall strength of the real estate enterprises.The gap with the level of quality and corporate headquarters for the first-tier cities real estate enterprises relatively more solid strength,provide the basis for the empirical research on the status quo for later analysis.Next,using the empirical analysis method to research on the real estate listed companies management fees and performance between the random effects Panel Data Using Stata regression,from the regression results,management fees and performance have significant negative correlation,visible management fee promotion has the "erosion" on enterprise performance however,the two factors which influence the regional differences and not the real estate business performance,market regulation policy will have a significant impact on the performance,but not affected by management costs to achieve,in order to explore the relationship between the management cost and performance,analyzed the U curve,It is found that there is a curve relationship between the two,which shows that the management fee rate will have a positive impact on performance after breaking the inflection point.In the end,the author puts forward some suggestions from five aspects for optimizin g the management cost mechanism to improve the performance,and summarizes the short comings of the study.