我国房地产企业借壳上市动因与绩效研究

发布时间：2018-06-19 18:29

本文选题：借壳上市 + 因子分析　；参考：《河南大学》2017年硕士论文

【摘要】：借壳上市对于希望进入资本市场融资的企业来说是一个重要途径,是资本重组的一种特殊形式。但是由于我国的国情所决定,我国房地产企业融资主要依赖于银行贷款,融资难严重制约了企业的进一步发展。让企业成功登陆资本市场,在资本市场获取持续稳定的资金成为众多企业的迫切愿望。在我国,由于政府对房地产企业的调控力度比较大,房地产公司进行IPO会受到诸多的限制,借壳上市便成为众多房企的首选方式。这些无疑为本文的研究提供了支持。本文主要采用的是案例分析与描述性统计两种方法对房地产企业的借壳上市进行分析。本文通过结合房地产企业的特殊情况,分别从借壳上市的时间分布、地域分布与借壳模式等维度来分析房地产企业借壳上市的总体概貌。经过对相关数据的统计研究发现,2011年之前是房地产企业借壳上市蓬勃发展的时期,2011年之后,受国内外环境的影响,房地产企业的借壳上市逐渐进入了低迷期。我国房地产企业借壳上市现象多发生于我国经济发达省份,出现这种情况的主要原因则是这些地区受经济危机的冲击较大,企业对融资的愿望比较强烈,因此在某一省份扎堆出现借壳上市的情况。从借壳模式来看,我国房地产企业的借壳模式主要分为股份回购、定向增发与资产置换三种模式,在实际情况中则是以这三种模式的组合出现。本文在分析房地产企业借壳上市整体概貌的基础之上,选取华夏幸福借壳浙江ST国祥为案例,对华夏幸福借壳上市的动因、概貌等做了详尽的描述,对其借壳上市的绩效评价采用因子分析法。研究发现,由于借壳前期的资本投入与后续的资源整合,借壳上市对企业的短期绩效造成一定程度的下降,但是在中长期来看,华夏幸福的借壳上市对企业的绩效具有积极的影响。基于以上分析,本文得出以下结论:房地产企业借壳上市要充分把握借壳时机,选择适合自己的借壳模式,借壳上市成功之后,要重点关注资产的整合问题与企业融资能力的创新,政府要为企业的发展培育良好的法制环境。
[Abstract]:The shell listing is an important way for the enterprises wishing to enter the capital market financing. It is a special form of capital restructuring. However, due to the national conditions of our country, the financing of our real estate enterprises is mainly dependent on the bank loans, and the financing is difficult to restrict the further development of the enterprises. In the capital market, it is an urgent desire to obtain sustained and stable funds in the capital market. In China, because the government has a large control of the real estate enterprises, the Real Estate Company will be limited by the IPO, and the backdoor listing has become the first choice for many housing enterprises. Two methods of case analysis and descriptive statistics are used to analyze the housing listing of real estate enterprises. By combining the special situation of the real estate enterprises, this paper analyzes the overall outline of the real estate enterprise borrowing the shell from the time distribution of the backdoor listing, the geographical distribution and the shell model. According to the statistical study, it was found that the real estate companies' backdoor listing was flourishing before 2011. After 2011, the backdoor listing of real estate companies gradually entered a downturn due to the impact of the domestic and foreign environment. The phenomenon of the housing listing in our real estate companies occurred in the province of our country's economic development, and the main reason for this situation is this Some areas are greatly affected by the economic crisis, and the desire of the enterprises to finance is stronger. Therefore, the case of the backdoor listing appears in a certain province. From the case of the case of the shell, the model of the loan shell of the real estate enterprises of our country is mainly divided into three modes: share repurchase, directional increase and asset replacement. In the actual situation, the three modes are in the case of these models. In this paper, on the basis of analyzing the overall picture of the real estate companies' backdoor listing, this paper selects the Chinese happy borrowing shell Zhejiang ST country Xiang as a case, gives a detailed description of the motives and general features of China's happy borrowing shell listing, and uses factor analysis to evaluate the performance of its borrowed shell listing. In the medium and long term, China's happy backdoor listing has a positive impact on the performance of the enterprise. Based on the above analysis, the following conclusion is drawn: the real estate enterprise borrowings should fully grasp the opportunity of the shell and choose the suitable one. After the success of the backdoor listing, we should focus on the integration of assets and the innovation of enterprise financing ability, and the government should cultivate a good legal environment for the development of the enterprise.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F299.233.4

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