摘要：本文综合契约理论和期望理论，分析了项目干系人影响项目型企业经营绩效的内在机理，指出项目干系人满足是在项目干系人与项目型企业经营绩效之间发挥作用的关键变量；在此基础上，基于价值链理论识别出影响项目型企业经营绩效的主要项目干系人，并进一步以中国房地产上市公司为样本，采用面板数据模型进行了实证分析。研究结果表明项目干系人满足是影响项目型企业经营绩效的关键变量；不同项目干系人对项目型企业经营绩效的影响不同。

Abstract: Incorporating insights ofcontract theory and expectancy theory, the internal mechanism how project stakeholders affect project-oriented companiesperformance is analyzed and the fact which projectstakeholder satisfaction is the key variable and it plays a role between project stakeholdersand project-oriented companyperformance is pointed out. After identifying the project stakeholders that influence project-oriented company performancebased on a value chain theory, anempiricalstudy on Chinese real estate listed companiesis conducted based onthe panel datamodel.The analysis result shows that the projectstakeholder satisfaction is the key variable affecting the project-oriented company performance;different projectstakeholders have different effects on the project-oriented company performance.