【摘要】：房地產(chǎn)產(chǎn)業(yè)是國民經(jīng)濟(jì)的支柱產(chǎn)業(yè),也是近年國家和民眾關(guān)注的熱點(diǎn)。國家為了抑制房價過快上漲和房地產(chǎn)行業(yè)過熱,相繼出臺了“國十條”,“國八條”“限購令”等房地產(chǎn)調(diào)控政策。在這樣的政策驅(qū)使下,房地產(chǎn)增長過快的趨勢得到了一定抑制,同時也給房地產(chǎn)行業(yè)帶來資金緊張的弊端。借殼上市作為一種間接的上市手段,與IPO上市相比具有門檻低、成本低等特點(diǎn),是有融資需求的房地產(chǎn)企業(yè)籌集資金的重要手段。關(guān)于借殼上市后企業(yè)的發(fā)展?fàn)顩r如何,很多學(xué)者對借殼上市的績效做過研究。2009年是房地產(chǎn)行業(yè)借殼上市的熱潮,本文通過研究借殼上市的基本理論,分析房地產(chǎn)行業(yè)借殼上市的動因和意義以及借殼的方式,用因子分析法研究2009年借殼上市的房地產(chǎn)企業(yè)借殼前后的財務(wù)績效狀況。研究結(jié)果表明,借殼上市的房地產(chǎn)樣本企業(yè)在成功借殼上市兩年內(nèi),財務(wù)績效有了明顯的改善,但是從長期來看,良好的財務(wù)業(yè)績并不能長久的保持,樣本企業(yè)借殼上市具有一定的短期效應(yīng)。最后,結(jié)合最近幾年國家出臺的房地產(chǎn)調(diào)控政策,為房地產(chǎn)企業(yè)未來的發(fā)展和完善國家房地產(chǎn)調(diào)控政策提出建議。
[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.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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