蓝光集团借壳上市的动因及财务绩效研究

发布时间：2018-01-03 18:00

本文关键词：蓝光集团借壳上市的动因及财务绩效研究　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国房地产行业逐渐从"黄金时代"步入了"白银时代",购房的疯狂热潮已经减退。首先,国家的宏观调控政策较大程度的影响着我国房地产行业的发展,近年来持续出台的种种政策表明了国家对房地产行业将实行更加严厉的调控,政府于2005年首次出台了"国八条",并在随后的2010年落实了"新国十条",紧接着在2011年出台实施了 "新国八条",又在2013年宣布了"国五条"。其次,由于政府连续出台的房屋限购令,在一定程度上严重影响了房地产企业的资金回笼速度,因此增加了公司的资金压力。再加上国家在财政、税收和货币方面频繁颁布的新政策,使得银行也收紧了银根,同时进一步加大了房地产企业的信贷融资难度。由于民营房地产企业自身的多种问题与因素,使得其在目前处境下不容乐观,行业发展空间不断被压缩。面临当前的宏观环境因素,为了保证房地产企业长久、快速、稳定的发展,因此亟需拓宽融资途径,实现其转型升级。大多数房地产企业为了实现其融资需求,拓宽融资渠道,通常情况下资本市场是其首要选择,但由于我国特殊的市场环境对企业IPO的上市标准规定较为严格,操作程序复杂困难,同时证券监督管理委员会对想通过IPO上市的房地产企业的管制更加严苛,因此许多房地产企业对此望而却步。近年来,由于我国资本市场持续、快速的发展,许多大型房地产企业为了能够实现上市融资,试图通过"借壳上市"的方式来解决其上市融资困难,从而避免了 IPO的严格审查,实现了其资产的快速增值,使得企业的发展更加健康、稳定。本文选取四川地区大型民营房企"蓝光集团"借壳医药领域上市公司"迪康药业"成功上市的案例,对其借壳上市的动因及财务绩效进行了较为深入的研究,同时分析了蓝光集团并购的驱动因素,最后就此案例的研究结果为今后民营房企实现上市融资提出了一系列意见与建议。首先对本文的写作背景、目的以及写作意义加以阐述;其次概述了与借壳上市有关的概念;接着对蓝光集团借壳上市的案例进行相关的介绍,主要涵盖了我国目前A股市场借壳上市的现状以及本案例双方的基本情况,本次借壳上市的过程及借壳上市前后的股权结构变化,借壳上市的动因等;然后运用财务指标法对蓝光集团借壳上市的财务绩效从纵向、横向两个方面进行了比较分析;最后对本案例进行总结,对借壳上市绩效进行评价,分析出蓝光集团的借壳动因及效果。本文的研究结果表明蓝光集团采用"资产置换+定向增发"的模式成功借壳迪康药业,从而实现其上市融资的需求,并提升了公司绩效。本文的研究对于我国民营房企通过借壳上市的方式实现其上市融资,具有一定的参考和借鉴作用。
[Abstract]:China's real estate industry gradually from the "golden age" into the "Silver Age", the purchase of the crazy boom has been diminished. First, greater degree of national macro-control policy of the development of China's real estate industry, the continued introduction of various policies in recent years that the country will implement more stringent regulation of real estate the industry for the first time in 2005, the government introduced the "eight countries", and in the subsequent 2010 implementation of the "new country ten", followed by the introduction of the implementation of the "Eight Control Regulations on House Prices" in 2011, and in 2013 announced the "five states". Secondly, due to the continuous introduction of the housing purchase restrictions, in a certain seriously affected the real estate enterprise's capital return rate, thus increasing the company's financial pressure. Coupled with the national fiscal and monetary policy, the new tax issued by frequent, making banks have tightened monetary policy, while further increase. The difficulty of credit financing of real estate enterprises. Due to a variety of problems and factors of the private real estate enterprises, in the current situation is not optimistic, the development of space industry continue to be compressed. Facing the current macro environment factors, in order to ensure the real estate enterprises for a long time, rapid and stable development, it is urgent to broaden the financing channels, to achieve its the transformation and upgrading. The majority of the real estate enterprises in order to achieve the demand for financing, broaden the financing channels, the capital market is usually the first choice, but because of the provisions of the listing standards of enterprises IPO China's special market environment is more strict and complex procedures at the same time, Securities Regulatory Commission regulation to real estate listed by IPO business is more stringent, so many real estate companies are hesitant. In recent years, due to the continued capital market in our country, the rapid development, many large real The real estate enterprises in order to achieve the listing and financing, trying to "backdoor listing" approach to solve the financing difficulties, so as to avoid the scrutiny of IPO, to achieve a rapid appreciation of its assets, makes the enterprise development more healthy and stable. This paper selects a large private housing prices in Sichuan blue group "backdoor listing in medical field" Dikang pharmaceutical listed case ", the motivation and the financial performance of the backdoor listing for a more in-depth research, and analyzes the driving factors of the Blu ray group merger, finally this research results of the case for the future of private housing prices listed financing and put forward a series of opinions and suggestions. Firstly, the background of writing this article, the purpose and significance of writing elaborate; secondly summarizes the relevant concepts and then listed backdoor; of the Blu ray group backdoor listing of the case for the related introduction, Mainly covers the current A stock market backdoor listing status and the basic situation of the case of both sides, the ownership structure changes before and after the process of the backdoor listing and backdoor listing, backdoor listing motivation; then using the financial analysis of the Blu ray group backdoor listing of financial performance from the vertical, horizontal two aspects comparative analysis; finally summarize the case of the backdoor listing of the performance evaluation, motivation and effect analysis of backdoor Blu ray group. The results of this study show that the Blu ray group "asset replacement + private placement" mode so as to realize the successful backdoor DUCAM pharmaceutical, its financing needs, and enhance the company's performance in this paper. Research the financing for our national housing prices by way of backdoor listing, has certain reference and reference.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F832.51

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