银亿房产反向购买兰光科技的案例研究

发布时间：2018-04-18 15:25

本文选题：反向购买 + 房地产企业　；参考：《华东交通大学》2017年硕士论文

【摘要】：基于目前的经济发展趋势来看,优质持续的融资渠道对那些想要取得长远发展的企业来说,是十分重要的成功要素,所以企业需要对建设良好的融资渠道引起重视。由于房地产对社会巨大的影响力,所以政府为了调控房地产行业频频出台了多项政策。我国房地产企业的融资也随着这些政策的出台而变得愈发的困难。商业银行贷款原本是我国房地产企业最主要的融资渠道,但由于我国房地产行业的超速发展,使得商业银行在房产信贷这一块的风险也在不断加大,这直接导致我国大部分的商业银行对房地产企业的贷款条件变得越来越苛刻。由于商业银行贷款这条道路越来越难走,使得房地产企业开始积极寻求其他更好的融资方式。面对这样的融资环境,大部分房地产企业的首要想法是通过企业上市来实现房地产企业在证券市场上的融资。但是由于我国IPO上市的条件非常的严苛,因此许多房地产企业开始把注意力转向反向购买上市公司,以达间接上市的目的。本文以反向购买的相关理论作为基础,以银亿房产反向并购兰光科技的案例为研究对象,对银亿房产反向购买兰光科技前后的企业状况进行了财务分析,进而剖析出房地产企业反向购买上市公司过程中可以借鉴及反思的事项。针对银亿房产反向并购兰光科技的案例分析,笔者首先介绍了反向购买双方的情况、反向购买发生过程及因此而产生的股权变化,并分别分析了银亿房产、兰光科技参与反向购买的动因;然后对因反向购买而产生的财务风险(企业价值评估风险、融资风险和整合风险)进行了分析;最后运用财务指标法对反向购买前后企业的财务绩效进行了纵向对比分析并针对银亿房产进行了财务绩效的横向对比分析。根据对该案例的分析,总结出其他房地产企业在反向购买上市公司时可以借鉴的成功之处及引起反思的不足之处。希望通过本案例的研究能够为今后中小房地产企业反向购买上市公司带来一定的启示,帮助它们提高反向购买上市公司的效率及效果。
[Abstract]:Based on the current trend of economic development, high-quality and continuous financing channels are very important elements of success for those enterprises that want to achieve long-term development, so enterprises need to pay attention to the construction of good financing channels.Because of the great influence of real estate on society, the government has issued many policies to regulate the real estate industry.With the introduction of these policies, the financing of real estate enterprises in China has become more and more difficult.Commercial bank loans were originally the most important financing channel for real estate enterprises in China. However, due to the rapid development of the real estate industry in our country, the risks of commercial banks in the real estate credit sector are also continuously increasing.This directly leads to the loan conditions of most commercial banks to real estate enterprises become more and more stringent.As the path of commercial bank lending becomes more and more difficult, real estate companies are actively seeking other better financing methods.Facing such a financing environment, the most important idea of real estate enterprises is to realize the financing of real estate enterprises in the securities market through the listing of enterprises.However, due to the harsh conditions of IPO listing in China, many real estate enterprises begin to turn their attention to reverse purchase of listed companies in order to achieve the purpose of indirect listing.Based on the related theory of reverse purchase, this paper makes a financial analysis of the enterprise situation before and after the reverse purchase of Languang Technology by Yinyi Real Estate, which is based on the case of the reverse acquisition of Languang Technology by Yinyi Real Estate.Then analyze the real estate enterprises reverse purchase of listed companies in the process of reference and reflection.In view of the case study of reverse merger and acquisition of Yinyi real estate, the author first introduces the situation of both reverse buyers, the process of reverse purchase and the stock rights change caused by the reverse purchase, and analyzes the Yinyi real estate separately.Secondly, it analyzes the financial risk (enterprise value assessment risk, financing risk and integration risk) caused by reverse purchase.Finally, the financial performance of enterprises before and after reverse purchase is analyzed by using the financial index method, and the horizontal comparative analysis of the financial performance of Yinyi real estate is carried out.According to the analysis of this case, this paper summarizes the success and shortcomings that other real estate enterprises can use for reference when purchasing listed companies in reverse direction.It is hoped that the study of this case can bring some enlightenment to the reverse purchase of listed companies by small and medium-sized real estate enterprises in the future, and help them to improve the efficiency and effect of reverse purchasing of listed companies.
【学位授予单位】：华东交通大学
【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】