| Summary: | 碩士 === 國立成功大學 === 會計學系 === 104 === This paper investigates the effects of state-owned shares percentage on business performance. A total of 820 listed real estate companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2015 have been observed to explore the issue, with ROA, ROE and the net income ratio as proxy variables of business performance. The results show that the higher the proportion of shares held by the State, the better the performance of listed real estate companies, and that real estate companies with higher national government-held shares have better access to land sources, which improves the corporate performance and enhances the company's earnings persistence. Effect of legal person shares in proportion to the Chinese mainland listed real estate company's operating performance is positive. Corporate shareholders generally tend to engage in long-term investments, and they have the ability to vote at shareholder meetings, which directly involved in the company's decision, thus leading to the better performance.
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