Abstract：The author studied how management of operating risk and governance of the board of directors affect the sustainable growth and value promotion of real estate enterprise, based on the listed companies in Shanghai and Shenzhen stock markets during 2012—2014. The results show that Chinese real estate enterprises did not realize sustainable growth and value promotion due to ineffective governance of the board of directors and weak management of operating risk. The author proposed that enterprises innovate mode of growth, ensure the appropriate cash flow of business operation, optimize the structure of property management and improve governance structure, thereby realizing the sustainable growth and market value promotion.

Keyword：real estate enterprise;operating risk;sustainable growth;value;governance of the board of directors;