我国房地产企业借壳上市的财务分析

发布时间：2018-02-20 03:08

本文关键词： 房地产企业借壳上市财务效应企业价值　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为影响房地产行业经营发展众多因素当中最根本、最重要的因素，融资渠道问题问题已经被越来越多的房地产企业所意识到。在中国这个人口众多的特殊国家，房子问题是关系到老百姓生活的最重要的问题之一，因此国家政府部门和各个职能部门十分重视房地产行业的发展，调控力度和频率近些年来也在逐步的加强。国家宏观政策对房地产企业发展的影响越来越大。融资作为房地产企业发展的支撑力量，其遇到的困难也逐步显现出来。随着银行商业贷款的风险逐年加剧，各大银行开始缩减对房地产企业的贷款数额；而中国的房价居高不下使得房地产企业的销售出现了问题，不能使资本及时回笼，从而影响了房地产企业的长远发展。而作为融资市场的中坚力量，，证券市场的准入要求较高，只有少数的大规模的房地产企业可以达到IPO的标准，而中国房地产行业大多数企业还是中小企业，因此无法开启IPO之路，因此将目光投向了借壳上市这一道路。希望通过借壳上市这一捷径避开较高的IPO的条件限制，以保证自己的融资渠道畅通，推动企业的发展，提升企业价值。本文旨在通过研究房地产企业借壳上市来探究出我国中小企业在上市融资方面应注意的问题，希望能为以后企业借壳上市提供一定的借鉴意义。本文采用理论联系实际的方法进行研究，通过华夏幸福借壳上市的具体案例进行辅助研究。最终提出企业借壳上市应当采用“资产置换+定向增发”这一模式和企业借壳上市会提升企业价值这两个观点。
[Abstract]:As one of the most fundamental and important factors affecting the development of the real estate industry, the issue of financing channels has been recognized by more and more real estate enterprises. In China, a special country with a large population, The house problem is one of the most important issues related to the lives of ordinary people. Therefore, government departments and various functional departments attach great importance to the development of the real estate industry. In recent years, the intensity and frequency of regulation and control have also been gradually strengthened. The national macro policy has more and more influence on the development of real estate enterprises. Financing is the supporting force for the development of real estate enterprises. As the risks of commercial loans from banks increase year by year, major banks are beginning to scale back their loans to real estate companies, and the high prices in China have caused sales problems for real estate companies. As the backbone of the financing market, the entry requirements of the securities market are relatively high, and only a few large-scale real estate enterprises can meet the standards of IPO. However, the majority of Chinese real estate enterprises are still small and medium-sized enterprises, so they can not open the way of IPO, so they have turned their eyes to the way of backdoor listing, hoping to avoid the higher IPO conditionalities through the shortcut of backdoor listing. In order to ensure their own financing channels smooth, promote the development of enterprises, enhance the value of enterprises. The purpose of this paper is to explore the problems that should be paid attention to in the aspect of listing financing of small and medium-sized enterprises in our country through the research of real estate enterprises' backdoor listing. Hope to provide some reference for the future listing of enterprises through the shell. This paper uses the method of combining theory with practice to study, Through the specific case of Hexia happy backdoor listing in China, this paper puts forward the two viewpoints that enterprises should adopt the mode of "asset replacement directional issuance" and that the backdoor listing of enterprises will enhance the value of enterprises.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【参考文献】