The Effect of Chinese Real Estate Listed Companies' Managerial Ownership on Firm Value

Based on the panel data method and the financial data from 2006 to 2008 period of Chinese real estate listed companies, the paper studies the mutual relationship between managerial ownership and firm value. The results show that there is significantly positive relationship between managerial ownership and firm value, and there is significantly negative relationship between managerial ownership and cash holdings of companies, and circulation proportion of shares. However, managerial ownership hasn't significantly effect on corporate value, and there isn't optimal managerial ownership proportion.