JHZY借壳上市案例分析

发布时间：2018-01-11 23:01

本文关键词：JHZY借壳上市案例分析　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：现如今,经济全球化使得许多企业的发展目标是实现上市从而获得融资,但是直接上市会花费比较长的时间,使得企业不能尽快的获得资金,而且申请上市的程序比较麻烦,申请规格非常谨慎。于是,采取"借壳"的方法就成为许多企业优先的选择,因为它筹集资金的时间比较短,可以满足其自身需要。最初,在我们国家出现"借壳上市"是因为大陆有一家企业想要在香港上市达到融资的目的,于是并购了一家港企。当然,我国"借壳上市"的理论出现比较晚,学者们对它的研究分析也相对较少,因此在这个方面有很多不足之处,关于其法律法规、各种条款都有所欠缺。我们从房地产企业的视角出发,不能忽略融资方式难对企业的影响。房地产公司花费大量的资金在买地建房上,由于其行业特殊性,销售所得资金并不能够及时填补成本的缺口。然而,银行商业贷款的限制条件越来越苛刻,其贷款额度也越来越低,不能够满足房地产公司的需求,使得房地产公司的发展停滞不前。特别是资本市场对于上市要求严格,那些可以通过IPO进入资本市场的公司很少,相对来说,公司规模也比较大。但在我国,中小企业在房地产企业中占有大部分比例,IPO这个方式行不通,所以大多数公司都欣然的选择借壳上市这条路。不仅可以避开IPO的种种限定,也可以实现自身的资金充足,使得企业能够更快更好地向前发展,充分发挥其优势,提升经营能力。本文主要是基于对房地产企业——JHZY成功借壳HBJH达到间接上市的案例进行了研究分析,指出JHZY借壳HBJH这个案例中所存在的问题,并给予房地产公司借壳上市的对策和建议,为大家提供借鉴。文章结合了房地产行业宏观的经济背景,介绍了借壳上市的基本概念,包括JHZY借壳案例的背景,详细描述了此次借壳的上市操作过程,分析了双方的交易动因,明确了其中的交易过程,概括出其中存在的问题,问题该如何有效解决也得到了相应的解答。结合了此次的借壳上市,本文通过因子分析法对JH股份进行绩效评价。这其中涉及到了财务指标的分析,最后可以得出结论,公司借壳后拓展了其融资渠道,财务状况得到了一定程度的改善,市场对于借壳的反应良好,企业自身价值得到增加。综合以上分析,可以得出此次JHZY借壳HBJH上市是有一定成长能力的。
[Abstract]:Nowadays, economic globalization makes the development goal of many enterprises is to achieve market to obtain financing, but direct listing will take a relatively long time, the enterprise cannot obtain funds as soon as possible, and to apply for listing of cumbersome procedures, application specifications very carefully. Then, take the "backdoor" method has become the preferred choice of many enterprises because it, to raise funds for a relatively short time, can meet their own needs. First, in our country there is a "backdoor listing", because a company wants to achieve in Hongkong listed financing, so the acquisition of a Hong Kong enterprises. Of course, our "backdoor listing" theory appeared relatively late study, scholars on it is relatively small, so there are many deficiencies in this aspect, on the legal laws and regulations, the provisions are lacking. From our real estate enterprises from the perspective of a That cannot be ignored. The enterprise financing difficult for Real Estate Company to spend a lot of money in buying land for housing, because of its particularity, the sale proceeds can not timely fill cost gap. However, more and more restrictive conditions of commercial bank loans to more demanding, the loan amount is also more and more low, can not meet the Real Estate Company the needs of the development of Real Estate Company, the stagnant. Especially the capital market for listed companies can be strict, to enter the capital market through the IPO small, relatively speaking, the company scale is relatively large. But in our country, the small and medium-sized enterprise occupies large proportion in real estate enterprises, IPO doesn't work this way, so most companies are pleased the choice of backdoor listing this way. Restrictions can not only avoid the IPO, also can realize their own capital adequacy, makes the enterprise faster For better development, give full play to its advantages, enhance the management capacity. This paper is based on the real estate enterprises -- JHZY HBJH achieve successful backdoor listing case indirectly analyzed, pointed out that there are problems in the case of JHZY HBJH backdoor, backdoor listing Real Estate Company and give the countermeasures and suggestions, provide a reference for everyone. The combination of the real estate industry macro background, introduces the basic concepts of backdoor listing, backdoor JHZY including the background of the case, a detailed description of the operation process of the backdoor listing, analyzes the transaction motive of the two parties, the transaction process, summed up the problems, how to effectively solve the problem also get the corresponding answer. Combined with the backdoor listing, the method to evaluate the performance of JH shares through factor analysis. This relates to the financial index The analysis, finally it can be concluded that the company backdoor expand the financing channels, the financial situation has been improved to some extent, the market for backdoor response is good, enterprise value increased. Based on the above analysis, we can say that this is a backdoor listing of HBJH JHZY growth ability.

【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F832.51

【参考文献】