借壳上市的房地产企业财务绩效研究

发布时间：2018-10-11 11:10

【摘要】：房地产产业是国民经济的支柱产业,也是近年国家和民众关注的热点。国家为了抑制房价过快上涨和房地产行业过热,相继出台了“国十条”,“国八条”“限购令”等房地产调控政策。在这样的政策驱使下,房地产增长过快的趋势得到了一定抑制,同时也给房地产行业带来资金紧张的弊端。借壳上市作为一种间接的上市手段,与IPO上市相比具有门槛低、成本低等特点,是有融资需求的房地产企业筹集资金的重要手段。关于借壳上市后企业的发展状况如何,很多学者对借壳上市的绩效做过研究。2009年是房地产行业借壳上市的热潮,本文通过研究借壳上市的基本理论,分析房地产行业借壳上市的动因和意义以及借壳的方式,用因子分析法研究2009年借壳上市的房地产企业借壳前后的财务绩效状况。研究结果表明,借壳上市的房地产样本企业在成功借壳上市两年内,财务绩效有了明显的改善,但是从长期来看,良好的财务业绩并不能长久的保持,样本企业借壳上市具有一定的短期效应。最后,结合最近几年国家出台的房地产调控政策,为房地产企业未来的发展和完善国家房地产调控政策提出建议。
[Abstract]:The real estate industry is the pillar industry of the national economy, and is also the hot spot that the country and the public pay attention to in recent years. In order to curb the rapid rise of house prices and overheating of the real estate industry, the state has successively issued "national ten", "national eight" and "purchase restrictions" and other real estate regulation policies. Driven by such a policy, the trend of excessive real estate growth has been restrained, but also to the real estate industry brought about a shortage of funds. As an indirect means of listing, backdoor listing has the characteristics of low threshold and low cost compared with IPO listing. It is an important means for real estate enterprises with financing needs to raise funds. Many scholars have done research on the performance of backdoor listing. 2009 is the upsurge of backdoor listing in the real estate industry. This paper studies the basic theory of backdoor listing by studying the basic theory of backdoor listing. This paper analyzes the motivation and significance of backdoor listing in real estate industry and the way of backdoor listing, and studies the financial performance of real estate enterprises before and after backdoor listing in 2009 by factor analysis. The results show that the financial performance of the real estate sample enterprises listed in the backdoor market has improved obviously in the two years of successful backdoor listing, but in the long run, the good financial performance can not be maintained for a long time. Sample enterprises have a short-term effect of backdoor listing. Finally, combined with the real estate regulation and control policies issued in recent years, the paper puts forward some suggestions for the future development of the real estate enterprises and the improvement of the national real estate regulation and control policies.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【相似文献】