Question

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IV. CONCLUSIONS AND RECOMMENDATIONS
4.1 Conclusions
This study has examined the responses of market, income effect of announcements, and factors of mergers and acquisitions of real estate listed companies. We also compared the income effect of related transactions with non-related transactions. We can draw some conclusions as following:
1). In the circulation, the real estate mergers and acquisitions of listed companies has a positive market reaction. There is a short-term benefit. The short-term income effect of non-related is greater than the related ones.
2). In the factors of the M & A market reaction, asset- liability ratio, Rate of Return on Common Stockholders' Equity, equity turnover has a positive impact. Total leverage the proportion of property rights, Tobin 'Q, total assets turnover have a positive impact, the greatest positive and negative impact indicators are asset-liability ratio and total asset turnover.
3). The influence upon M&A by financing capacity, profitability and operating capacity varies from the indicators this is the current supervisor in financing, profitability and operating capacity of instability, which may be affected by the current environmental impact of the stock market.
4). Non-quantitative model to explain the unrelated transactions better than related. The proportion of total assets amount of the transaction has the greatest positive impact on non-affiliated companies. The largest negative impact is total assets turnover consisting with the former conclusion.
4.2 Recommendations
According to theoretical and empirical analysis, some recommendations for aspects of capital markets, corporate governance and investors are given below:
1). Construction of a complete stock market
Improve the overall strength of listed companies, meanwhile; promote the establishment of a multi-level capital market. Mechanisms for investor protection should be established. The legal framework for mergers and acquisitions should be improved.
2). Weaken preference for equity M & A Control and standardize the M & A marker.
Improve the market exit mechanism and corporate governance. Encourage a wide range of mergers and acquisitions. Strengthen the securities market information disclosure. Government intervention should be reduced in order to promote the development of market-based M & A.
3). Reduce the irrational Mergers and acquisitions of listed companies
Improving the internal incentive mechanism to reduce agency costs, strengthen corporate governance mechanism outside the market, and give more education for investors to guide them.

Answer 1

四。结论和建议
4.1结论
本研究考察了市场的反应，收入宣告效果，以及兼并和收购房地产上市公司的因素。我们也比较了非关联交易的关联交易收入效应。我们可以得出以下一些结论：
1）。在流通，房地产上市公司兼并和收购具有积极的市场反应。有一个短期利益。非有关的短期效应大于收入相关的更大。
2）。在并购市场的反应，资产负债率，收益率在普通股股东权益，股本证券成交额的因素有积极的影响。总杠杆产权，托宾的Q，成交总资产的比重产生积极的影响，最大的正面和负面的影响指标是资产负债率和总资产周转率。
3）。并购后的融资能力，盈利能力和经营能力的影响各不相同的指标，这是在融资，盈利能力和经营能力的不稳定目前的上司，这可能是目前的股市环境的影响的影响。
4）。非量化的模型来解释无关的交易比有关。总资产的交易金额的比例对非关联公司最大的积极影响。最大的负面影响是总资产周转率与前结束组成。
4.2建议
根据理论和实证分析，资本市场，公司治理和投资者的一些方面提出如下建议：
1）。构建一个完整的股市
提高上市公司，同时综合实力，推动建立多层次资本市场的建立。对投资者的保护应建立机制。合并和收购的法律框架应得到改善。
2）。削弱股权并购控制偏好和规范并购标记。
完善市场退出机制与公司治理。鼓励兼并和收购范围广。加强证券市场信息披露。应减少政府的干预，以促进以市场为基础的并购发展
3）。减少不合理的合并和收购的上市公司
完善内部激励机制，降低代理成本，加强市场外的公司治理机制，并给予更多的投资者教育，引导他们。