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《Commercial Research》 2012-05
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On the Relationship Between Corporate Governance and Performance of Real Estate Industry

HU Jian,WANG Zhi-qiang(School of Economics of Peking University,Beijing 100871,China)  
Through the panel data of China′s listed companies of real estate industry during 1998-2009,this paper uses fixed effect model and dynamic panel GMM method to empirically analyze the relation between corporate governance and performance of real estate industry.It reveals that: the overexpansion problem exists in the real estate industry,which negatively affects the performance and results to the phenomenon that the strong becomes stronger and the weak towards weaker;due to the insignificance of shareholding concentration ratio,debt ratio and setting situation of chairman and chief manager,shareholding ratio of managers has a reverse S relation with corporate governance,so the entrenchment effect does exist;besides,independent director proportion could enhance the performance level.
【CateGory Index】: F293.3;F224
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