本文關(guān)鍵詞： 房地產(chǎn)企業(yè) 借殼上市 財(cái)務(wù)效應(yīng) 企業(yè)價(jià)值　出處：《山東財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：作為影響房地產(chǎn)行業(yè)經(jīng)營(yíng)發(fā)展眾多因素當(dāng)中最根本、最重要的因素，融資渠道問(wèn)題問(wèn)題已經(jīng)被越來(lái)越多的房地產(chǎn)企業(yè)所意識(shí)到。在中國(guó)這個(gè)人口眾多的特殊國(guó)家，房子問(wèn)題是關(guān)系到老百姓生活的最重要的問(wèn)題之一，因此國(guó)家政府部門和各個(gè)職能部門十分重視房地產(chǎn)行業(yè)的發(fā)展，調(diào)控力度和頻率近些年來(lái)也在逐步的加強(qiáng)。國(guó)家宏觀政策對(duì)房地產(chǎn)企業(yè)發(fā)展的影響越來(lái)越大。融資作為房地產(chǎn)企業(yè)發(fā)展的支撐力量，其遇到的困難也逐步顯現(xiàn)出來(lái)。隨著銀行商業(yè)貸款的風(fēng)險(xiǎn)逐年加劇，各大銀行開(kāi)始縮減對(duì)房地產(chǎn)企業(yè)的貸款數(shù)額；而中國(guó)的房?jī)r(jià)居高不下使得房地產(chǎn)企業(yè)的銷售出現(xiàn)了問(wèn)題，不能使資本及時(shí)回籠，從而影響了房地產(chǎn)企業(yè)的長(zhǎng)遠(yuǎn)發(fā)展。而作為融資市場(chǎng)的中堅(jiān)力量，，證券市場(chǎng)的準(zhǔn)入要求較高，只有少數(shù)的大規(guī)模的房地產(chǎn)企業(yè)可以達(dá)到IPO的標(biāo)準(zhǔn)，而中國(guó)房地產(chǎn)行業(yè)大多數(shù)企業(yè)還是中小企業(yè)，因此無(wú)法開(kāi)啟IPO之路，因此將目光投向了借殼上市這一道路。希望通過(guò)借殼上市這一捷徑避開(kāi)較高的IPO的條件限制，以保證自己的融資渠道暢通，推動(dòng)企業(yè)的發(fā)展，提升企業(yè)價(jià)值。 本文旨在通過(guò)研究房地產(chǎn)企業(yè)借殼上市來(lái)探究出我國(guó)中小企業(yè)在上市融資方面應(yīng)注意的問(wèn)題，希望能為以后企業(yè)借殼上市提供一定的借鑒意義。本文采用理論聯(lián)系實(shí)際的方法進(jìn)行研究，通過(guò)華夏幸福借殼上市的具體案例進(jìn)行輔助研究。最終提出企業(yè)借殼上市應(yīng)當(dāng)采用“資產(chǎn)置換+定向增發(fā)”這一模式和企業(yè)借殼上市會(huì)提升企業(yè)價(jià)值這兩個(gè)觀點(diǎn)。
[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.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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本文編號(hào)：1518617