An empirical study on the relationship between the composition of board and performance in real estate listed companies

This paper carried on a modeling research on the composition of board in real estate listed companies. Based on the annual financial reports of 2004, the empirical analysis shows that the size of board of real estate listed companies has a positive correlation with the main operation profit-operation earning ratio, the proportion of independent directors has a positive correlation with company's Tobin's Q, the proportion of the directors from the main shareholders has a positive correlation with company's Tobin's Q, the proportion of expert directors has,a positive correlation with company's main operation profit-operation earning ratio and return of equity, the position of president and general manager held by the same person has a negative correlation with company's Tobin's Q.