中国建筑整体上市的动机及其经济后果——基于收购深圳中海案例分析  

The Chinese Construction Complete Listing Motivation and its Economic Consequences——based on acquisition of shenzhen China shipping

作　　者：胡挺[1] 

机构地区：[1]广东工业大学管理学院

出　　处：《中国房地产（学术版）》2011年第12期26-34,共9页China Real Estate

基　　金：国家自然科学基金(编号:70872116);国家社科基金项目(项目编号:08BJY116)资助

摘　　要：以中国建筑收购深圳中海为例,用资本市场股价和财务指标来研究中国建筑整体上市的经济后果。研究发现,从收购公告的市场反应来看,中国建筑累计超常收益率跑赢了内地市场,却跑输了香港市场;从财务指标变动趋势发现,其盈利能力稍有下降,成长能力稳定,营运能力下降,偿债能力较高,财务风险暂不稳定,从长期来看会创造价值。最后,为中国建筑的产融结合提出相应对策。This paper will take the China construction acquisition of Shenzhen China Shipping for an example, to study the overall listing of China construction M＆A＇s motivations and economic consequences. From the respective shares of capital markets and financial indicators, study found that market reaction from the acquisition announcement, China construction beat the cumulative abnormal return of the domestic market, but underperformed in Hong gong market. The change from the trend of financial indicators showed a slight decline in its profitability, growth capacity and stability, operation reduced capacity, high solvency, financial risk temporarily stable in the long run will create value. Finally, We combinate the production and finance the building of China to put forward countermeasures.

关 键 词：中国建筑 整体上市 动机 经济后果 

分 类 号：F293[经济管理—国民经济]