Question

请帮忙翻译一下，在下感激不尽，谢谢~急！！！

Abstract: By using Event-Study Analysis, the paper studied empirically about the market reaction of the M&A of real estate listed companies from 2007 to 2008 in China. The results demonstrated that it has a positive income effect of M&A in the short term, nevertheless, such effect in non-related companies is overwhelming stronger than related ones. In study of the factors affected the M&A through Regression, we can see that there is a positive effect of asset debt ratio, return on net assets and total asset turnover; by contrast, there is a negative effect of total leverage, the proportion of property rights and Tobin Q . The greatest positive and negative indicators caused by M&A were asset debt ratio and total asset turnover respectively.
Keywords: Real estate industry；Complete circulation；Merger and Acquisition；Market reaction

I. INTRODUCTION
On April 29, 2005, China started to implement the share reform of listed companies, it marked that China has entered the era of the Stock Market Flow, In this era there are a range of issues worthy of study during the development of China's capital market has. From 2005 to 2009, there are 132 cases from the real estate industry mergers and acquisitions, M & A amounted to 26.032 billion Yuan, accounting for mergers and acquisitions of the total cases in the five years and 22.2%,
23.4%; both are ranked first.1 China's real estate industry is developing rapidly in recent years. The prices of house has been showing rapid growth, in recent years it become a hot spot, which had a serious impact on China's economic construction and people’s life, real estate prices in China rose by 36.8% in the second quarter of 2010,2 The latest data showing that the M & A cases of real estate industry in China as many as 20 cases, ranked first in all industries in the third
quarter, 3 Some positive policies had been taken to control these, and remarkable results had been received. All those indicate that the domestic real estate industry restructuring is being accelerated. Market is the carrier of this reaction, how the market will react and what factors affect the M&A of real estate of listed companies? This paper will do some research about the market reaction and analyze the influencing factors in wish to some advice for the real estate mergers and acquisitions of listed companies and state regulatory decision-making.

Answer 1

文摘:利用Event-Study实证分析,本文分别研究了关于市场反应的房地产上市公司并购在中国,从2007年到2008年。结果表明,它有一个积极的收入效应的外资并购在短期内,尽管如此,这样效果强于关系的公司是势不可挡的相关的问题。摘要在对受多种因素影响,通过回归分析表明,并购我们能看到有正面影响的资产负债比率、净资产收益率、总资产周转率;相比之下,也有消极影响的总杠杆作用,比例的产权和托宾Q。最大的正面和负面的指标是引起的资产负债比率并购和总资产周转率的分别。
关键词:房地产业;完全循环、合并和收购,市场的反应

i .介绍
2005年4月29日,中国开始实施股权分置改革的上市公司,它标志着中国已进入股票市场的时代,在这个时代流动有一系列问题值得研究一下在中国资本市场的发展。从2005年到2009年,有132例从房地产业并购、M和达26.032亿元,占总数的合并和收购案例22.2%,五年后,
排名first.1 23.4%;两者都是中国房地产业近年来得到了迅速的发展。房子的价格有表现的飞速增长,近年来它成为一个热点,这严重影响了中国经济建设和人民生活、房地产价格增长36.8%在中国在2010年第二季度的最新数据显示,2例,M和在中国房地产业的多达20例次,所有的行业排名第一的三分之一
第三节,已经采取一些积极的政策来控制这些,显著的成绩已经收到了。所有这些表明,国内房地产行业杂志