绿地集团借壳上市对财务绩效的影响研究

发布时间：2018-02-22 13:42

本文关键词： 绿地集团借壳上市财务绩效国企混改　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的逐步完善,国有企业经济增速放缓,政府提出了混合所有制发展的经济形势,为国企顺应市场变化选择转型提供发展路径。国有企业期望通过上市来改善企业的经营效率、扩大融资渠道、提升企业的市场份额,但是我国严格的IPO审核制度阻挡了许多优质企业的上市,因此企业为了尽快获得融资,会选择借壳上市这种审核简单、成本低、时间短的方式。本文以国资委指导下成功借壳上市的绿地集团为例,分析案例企业的具体上市过程,研究借壳上市对企业财务绩效的影响,希望为其他企业选择上市路径提供启示和建议,对国企参与混合所有制改革具有借鉴意义。绿地集团是我国房地产行业综合排名第五的大型国有企业,借壳金丰投资上市是我国A股史上最大的借壳案例,该案例对于并购市场的发展和国企参与混合所有制的改革都具有一定的代表性。本文首先阐述了研究的背景和意义,通过文献综述总结学者们多年来对于借壳上市动因和绩效的研究成果,界定借壳上市的概念和模式,归纳相关理论基础。其次,介绍绿地集团的发展概况,分析企业选择借壳上市的内外动因,解析绿地上市方案的运行模式和具体操作。然后,重点分析绿地集团借壳上市的财务绩效,对比企业上市前后的财务变化,比较行业均值说明行业环境影响,分析影响企业绩效的作用途径,说明借壳上市对企业财务绩效的影响。最后,总结案例企业成功借壳上市的经验,对上市可能出现的风险提出思考和建议,说明国企参与所有制改革的重要意义。通过研究表明,绿地集团在A股借壳上市之后,短期内企业盈利能力有所提升,但是作用于总体财务绩效并不明显。企业在借壳上市之后优化股权分配,完善治理结构,提高经营效率,拓宽融资渠道,对未来的财务绩效会有更明显的促进作用,将进一步提升企业成长能力。本文通过归纳绿地集团借壳上市的成功经验,对借壳上市过程中可能遇到的风险提出思考和建议,为选择借壳上市的其他企业提供经验参考,对于我国目前国有企业参与混合所有制改革具有一定借鉴意义。
[Abstract]:With the gradual improvement of China's market economy and the slowing down of the economic growth of state-owned enterprises, the government has put forward the economic situation of the development of mixed ownership. SOEs are expected to improve their operating efficiency, expand their financing channels and increase their market share by listing on the stock market. However, the strict IPO audit system in our country has prevented many high-quality enterprises from going public. Therefore, in order to obtain financing as soon as possible, enterprises will choose backdoor listing, which is simple and low-cost. This paper analyzes the concrete listing process of the case enterprises, and studies the impact of the backdoor listing on the financial performance of the enterprises, taking the green space group listed successfully under the guidance of SASAC as an example. It is hoped to provide enlightenment and advice for other enterprises to choose the way of listing, which can be used as a reference for state-owned enterprises to participate in the reform of mixed ownership. Green Land Group is a large state-owned enterprise with a comprehensive ranking of 5th in the real estate industry of our country. The backdoor Jinfeng investment listing is the largest case in the history of A shares in China. This case is representative of the development of M & A market and the participation of state-owned enterprises in the reform of mixed ownership. This paper first expounds the background and significance of the research. Through literature review, this paper summarizes the scholars' research results on the motivation and performance of backdoor listing over the years, defines the concept and mode of backdoor listing, and induces the relevant theoretical basis. Secondly, it introduces the development of green space group. This paper analyzes the internal and external reasons for enterprises to choose backdoor listing, analyzes the operation mode and concrete operation of green space listing scheme. Then, it analyzes the financial performance of green space group listing through backdoor, and compares the financial changes before and after listing. Comparing the industry average to explain the influence of industry environment, analyze the action way of influencing enterprise performance, explain the influence of backdoor listing on enterprise financial performance. Finally, summarize the experience of successful backdoor listing. This paper puts forward some thoughts and suggestions on the possible risks of listing, and explains the significance of state-owned enterprises' participation in ownership reform. Through research, it is shown that the green space group has improved its profitability in the short term after the A-share backdoor listing. But the effect on the overall financial performance is not obvious. After the backdoor listing, the enterprises optimize the equity distribution, perfect the governance structure, improve the management efficiency, widen the financing channels, which will promote the future financial performance more obviously. This paper sums up the successful experiences of green space group in backdoor listing, puts forward some thoughts and suggestions on the risks that may be encountered in the process of backdoor listing, and provides experience reference for other enterprises that choose backdoor listing. For the current state-owned enterprises to participate in mixed ownership reform has certain reference significance.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42;F832.51

【参考文献】