| In 21 th century,because of the Real estate industry develop rapidly in China,Many enterprises,whose main business is not real estate,diversify into real estate industry.In order to find the difference of the performance of state-owned enterprises and private enterprises which diversify into real estate industry,this article select 244 listed companies whose main business is not real estate diversified into real estate industry first time between 2001-2014 as the research sample and tested the performance of the performance of state-owned enterprises and private enterprises which diversify into real estate industry.Then,we tested the variables which influence the performance of enterprises which diversified into real estate industry,such as the depth of diversifying into real estate,bank loan,business credit and political connection.Furthermore,this article tested the relationship between the nature and efficiency of investment,political connection and financing restriction.The research found that the performance of state-owned enterprises was higher that private enterprises',the contribution of bank loan and business credit to the performance in state-owned enterprises is bigger than private enterprises'.This is mainly because that softening of budgetary restraint led the governance effect of debt to lose efficacy,and induced over-investment.On the other hand,the enterprises which have a high asset-liability ratio invested in real estate will crowding out some high efficient investment and cause the performance declining.The government should relieve the over-investment of state-owned enterprises by some measures such as reducing the macroeconomic regulation and control,deepening reform of the state-owned Banks into stock companies,promoting the development of real estate financing mode diversification,speeding up the economic structure transformation to promote the healthy and sustainable development of economy in our country. |
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