本文關鍵詞：藍光集團借殼上市的動因及財務績效研究　出處：《西南交通大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 藍光集團 借殼上市 動因 財務績效 案例分析

【摘要】：我國房地產行業(yè)逐漸從"黃金時代"步入了"白銀時代",購房的瘋狂熱潮已經減退。首先,國家的宏觀調控政策較大程度的影響著我國房地產行業(yè)的發(fā)展,近年來持續(xù)出臺的種種政策表明了國家對房地產行業(yè)將實行更加嚴厲的調控,政府于2005年首次出臺了"國八條",并在隨后的2010年落實了"新國十條",緊接著在2011年出臺實施了 "新國八條",又在2013年宣布了"國五條"。其次,由于政府連續(xù)出臺的房屋限購令,在一定程度上嚴重影響了房地產企業(yè)的資金回籠速度,因此增加了公司的資金壓力。再加上國家在財政、稅收和貨幣方面頻繁頒布的新政策,使得銀行也收緊了銀根,同時進一步加大了房地產企業(yè)的信貸融資難度。由于民營房地產企業(yè)自身的多種問題與因素,使得其在目前處境下不容樂觀,行業(yè)發(fā)展空間不斷被壓縮。面臨當前的宏觀環(huán)境因素,為了保證房地產企業(yè)長久、快速、穩(wěn)定的發(fā)展,因此亟需拓寬融資途徑,實現其轉型升級。大多數房地產企業(yè)為了實現其融資需求,拓寬融資渠道,通常情況下資本市場是其首要選擇,但由于我國特殊的市場環(huán)境對企業(yè)IPO的上市標準規(guī)定較為嚴格,操作程序復雜困難,同時證券監(jiān)督管理委員會對想通過IPO上市的房地產企業(yè)的管制更加嚴苛,因此許多房地產企業(yè)對此望而卻步。近年來,由于我國資本市場持續(xù)、快速的發(fā)展,許多大型房地產企業(yè)為了能夠實現上市融資,試圖通過"借殼上市"的方式來解決其上市融資困難,從而避免了 IPO的嚴格審查,實現了其資產的快速增值,使得企業(yè)的發(fā)展更加健康、穩(wěn)定。本文選取四川地區(qū)大型民營房企"藍光集團"借殼醫(yī)藥領域上市公司"迪康藥業(yè)"成功上市的案例,對其借殼上市的動因及財務績效進行了較為深入的研究,同時分析了藍光集團并購的驅動因素,最后就此案例的研究結果為今后民營房企實現上市融資提出了一系列意見與建議。首先對本文的寫作背景、目的以及寫作意義加以闡述;其次概述了與借殼上市有關的概念;接著對藍光集團借殼上市的案例進行相關的介紹,主要涵蓋了我國目前A股市場借殼上市的現狀以及本案例雙方的基本情況,本次借殼上市的過程及借殼上市前后的股權結構變化,借殼上市的動因等;然后運用財務指標法對藍光集團借殼上市的財務績效從縱向、橫向兩個方面進行了比較分析;最后對本案例進行總結,對借殼上市績效進行評價,分析出藍光集團的借殼動因及效果。本文的研究結果表明藍光集團采用"資產置換+定向增發(fā)"的模式成功借殼迪康藥業(yè),從而實現其上市融資的需求,并提升了公司績效。本文的研究對于我國民營房企通過借殼上市的方式實現其上市融資,具有一定的參考和借鑒作用。
[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.

【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.4;F832.51

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