| 德隆资本运作模式财务分析 |
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| 引用本文： | 刘捷,王世宏.德隆资本运作模式财务分析[J].财会通讯,2005(1). |
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| 作者姓名： | 刘捷 王世宏 |
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| 作者单位： | 北方工业大学经济管理学院，东正投资有限公司 北京 100041，北京 100044 |
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| 摘 要： | 本文通过对新疆德隆旗下三家主要上市公司财务报表的分析,揭示了德隆的整个产业整合战略存在着致命伤。德隆本意是希望通过资本投入来进行产业整合从而创造价值,但是整合效果的不理想导致投资难以收回,只能靠融资维持,整个资本运作过程实际上毁灭了价值。一旦融资难以为继,企业恶性循环的经营就难以延续,股价最终必然将以大幅度调整的方式向真实价值回归。
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| 关 键 词： | 资本运作 自由现金流 投资价值 德隆 |
Financial Analysis of the Capital Operational Model of the Listed Companies Controlled by Dlong |
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| Liu Jie Wang Shihong.Financial Analysis of the Capital Operational Model of the Listed Companies Controlled by Dlong[J].Communication of Finance and Accounting,2005(1). |
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| Authors: | Liu Jie Wang Shihong |
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| Abstract: | By analyzing the financial statements of three main listed companies controlled by Dlong, the author discloses that there are some fatal weaknesses in the course of Dlong' s industrial conformity. Dlong hopes originally to create value by investing in the industrial conformity ,but the results go contrary to it's wishes. Because Dlong cannot take back its former investments and has to live on exterior financing, the total course of Dlong' s industrial conformity destroy value actually. Last but not the least, once the financing course companies breaks up, Dlong' s working condition has worsened consequentially and the share prices of the listed companies controlled by Dlong have fallen. |
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| Keywords: | Operation of the capital Free cash flow Value of investment Dlong |
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