Abstract: 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.

Key words: project stakeholder, project-oriented company, performance, panel data model