我国房地产企业借壳上市模式及行为效应研究

发布时间：2018-01-23 20:43

本文关键词： 房地产企业借壳上市模式行为效应　出处：《浙江工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：房地产企业是资金密集型企业,现金流是其血液,融资是每家房地产企业重中之重。现阶段随着国家关于遏制房价过快上涨的“国八条”的颁布,紧缩性财政政策的实施,贷款利率和存款准备金率一次次的提高,外部融资受限,现有融资渠道难以保证房地产企业的需求,而借壳上市却能为房地产行业输送资金,但是对于这一融资模式,国内外研究并没有统一结论,以及对房地产企业的价值影响也没有任何研究进行说明。房地产企业借壳模式是否与一般企业有所不同呢?是否有其自身特点呢?房地产企业借壳上市过后对企业价值又有怎样影响? 基于此本文选择2007年至2010年房地产行业中所有成功借壳上市的企业为研究对象,通过手工搜集在4年内主营业务为房地产的所有资产重组公告,以此对每家借壳上市的房地产公司公告进行整理分析,利用典型案例分析和事件研究法对上述问题进行研究。本文通过案例研究发现房地产企业借壳上市具有一般借壳上市的特点,但是房地产企业更加注重原壳公司的债务包袱,在借壳上市过程中,都需要寻找一家公司来继承壳公司的债务,以此为房地产企业通过借壳上市再次融资创造条件。本文通过实证研究发现,市场对房地产企业借壳资产重组公告反映迅速强烈,且存在一定的消息泄露问题,其中：1.以定向增发模式借壳上市的房地产企业消息泄漏最为严重,以资产回购模式借壳上市基本不存在消息泄露；2.以资产回购和资产置换形式进行的房地产企业借壳上市的企业,企业价值提升基本相同,而以定向增发形式进行的借壳上市企业价值提升最低,未来市场反向修正行为最为明显。最后,结合本文研究发现,本文认为房地产企业借壳上市过程中需要提高公司治理水平,并充分分析融资需求,充分利用当地政府的引导职能,同时国家需要规范证券市场秩序,才能使得房地产企业有序、有效、有质的上市。本文的主要贡献是以房地产企业借壳上市为切入点,分析房地产企业借壳上市的特征,为以后借壳上市研究提供新视角,丰富和发展房地产企业上市途径。
[Abstract]:Real estate enterprise is a capital-intensive enterprise, cash flow is its blood, financing is the top priority of every real estate enterprise. The implementation of tight fiscal policy, loan interest rate and deposit reserve ratio increase time after time, external financing is limited, the existing financing channels are difficult to ensure the demand of real estate enterprises. But the backdoor listing can transport funds for the real estate industry, but for this financing model, there is no unified conclusion of domestic and foreign research. And the value of the real estate enterprises have not any research on the impact of the real estate business model is different from ordinary enterprises? Does it have its own characteristics? How does the real estate enterprise have influence on the enterprise value after the backdoor listing? Based on this, this paper selects all the successful backdoor listed enterprises in the real estate industry from 2007 to 2010 as the research object, and through the manual collection of all assets restructuring announcements for real estate in the main business within 4 years. Based on this, this paper analyzes the real estate company announcements of each backdoor listing, and studies the above problems by using the typical case analysis and event research method. Through the case study, it is found that the real estate enterprises have the characteristics of backdoor listing, but the real estate enterprises pay more attention to the debt burden of the original shell companies, in the process of backdoor listing. Both need to look for a company to inherit the debt of the shell to create conditions for real estate companies to refinance through a backdoor listing. Through the empirical study, this paper finds that the market reflects the real estate assets restructuring quickly and strongly, and there is a certain problem of information leakage. Among them, 1. The information leakage of real estate enterprises listed by backdoor listing is the most serious, and the backdoor listing mode of asset repurchase basically does not exist information leakage; 2. In the form of asset repurchase and asset replacement, the corporate value of the real estate enterprises listed through backdoor is basically the same, while the value of the backdoor listed enterprises in the form of directional additional issuance is the lowest. The future market reverse correction behavior is most obvious. Finally, combined with the study of this paper, this paper believes that real estate enterprises need to improve the level of corporate governance in the process of backdoor listing, and fully analyze the financing needs, and make full use of the guidance function of the local government. At the same time the country needs to regulate the order of the securities market in order to make the real estate enterprises orderly effective and qualitative listing. This paper analyzes the characteristics of the backdoor listing of real estate enterprises, which provides a new perspective for the future research of backdoor listing, and enriches and develops the approaches to the listing of real estate enterprises.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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