發(fā)布時(shí)間：2018-01-23 20:43

  本文關(guān)鍵詞： 房地產(chǎn)企業(yè) 借殼上市 模式 行為效應(yīng)　出處：《浙江工商大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)企業(yè)是資金密集型企業(yè),現(xiàn)金流是其血液,融資是每家房地產(chǎn)企業(yè)重中之重�，F(xiàn)階段隨著國家關(guān)于遏制房價(jià)過快上漲的“國八條”的頒布,緊縮性財(cái)政政策的實(shí)施,貸款利率和存款準(zhǔn)備金率一次次的提高,外部融資受限,現(xiàn)有融資渠道難以保證房地產(chǎn)企業(yè)的需求,而借殼上市卻能為房地產(chǎn)行業(yè)輸送資金,但是對(duì)于這一融資模式,國內(nèi)外研究并沒有統(tǒng)一結(jié)論,以及對(duì)房地產(chǎn)企業(yè)的價(jià)值影響也沒有任何研究進(jìn)行說明。房地產(chǎn)企業(yè)借殼模式是否與一般企業(yè)有所不同呢?是否有其自身特點(diǎn)呢?房地產(chǎn)企業(yè)借殼上市過后對(duì)企業(yè)價(jià)值又有怎樣影響? 基于此本文選擇2007年至2010年房地產(chǎn)行業(yè)中所有成功借殼上市的企業(yè)為研究對(duì)象,通過手工搜集在4年內(nèi)主營業(yè)務(wù)為房地產(chǎn)的所有資產(chǎn)重組公告,以此對(duì)每家借殼上市的房地產(chǎn)公司公告進(jìn)行整理分析,利用典型案例分析和事件研究法對(duì)上述問題進(jìn)行研究。 本文通過案例研究發(fā)現(xiàn)房地產(chǎn)企業(yè)借殼上市具有一般借殼上市的特點(diǎn),但是房地產(chǎn)企業(yè)更加注重原殼公司的債務(wù)包袱,在借殼上市過程中,都需要尋找一家公司來繼承殼公司的債務(wù),以此為房地產(chǎn)企業(yè)通過借殼上市再次融資創(chuàng)造條件。 本文通過實(shí)證研究發(fā)現(xiàn),市場對(duì)房地產(chǎn)企業(yè)借殼資產(chǎn)重組公告反映迅速強(qiáng)烈,且存在一定的消息泄露問題,其中：1.以定向增發(fā)模式借殼上市的房地產(chǎn)企業(yè)消息泄漏最為嚴(yán)重,以資產(chǎn)回購模式借殼上市基本不存在消息泄露；2.以資產(chǎn)回購和資產(chǎn)置換形式進(jìn)行的房地產(chǎn)企業(yè)借殼上市的企業(yè),企業(yè)價(jià)值提升基本相同,而以定向增發(fā)形式進(jìn)行的借殼上市企業(yè)價(jià)值提升最低,未來市場反向修正行為最為明顯。 最后,結(jié)合本文研究發(fā)現(xiàn),本文認(rèn)為房地產(chǎn)企業(yè)借殼上市過程中需要提高公司治理水平,并充分分析融資需求,充分利用當(dāng)?shù)卣囊龑?dǎo)職能,同時(shí)國家需要規(guī)范證券市場秩序,才能使得房地產(chǎn)企業(yè)有序、有效、有質(zhì)的上市。本文的主要貢獻(xiàn)是以房地產(chǎn)企業(yè)借殼上市為切入點(diǎn),分析房地產(chǎn)企業(yè)借殼上市的特征,為以后借殼上市研究提供新視角,豐富和發(fā)展房地產(chǎn)企業(yè)上市途徑。
[Abstract]:Real estate enterprise is a capital-intensive enterprise, cash flow is its blood, financing is the top priority of every real estate enterprise. The implementation of tight fiscal policy, loan interest rate and deposit reserve ratio increase time after time, external financing is limited, the existing financing channels are difficult to ensure the demand of real estate enterprises. But the backdoor listing can transport funds for the real estate industry, but for this financing model, there is no unified conclusion of domestic and foreign research. And the value of the real estate enterprises have not any research on the impact of the real estate business model is different from ordinary enterprises? Does it have its own characteristics? How does the real estate enterprise have influence on the enterprise value after the backdoor listing? Based on this, this paper selects all the successful backdoor listed enterprises in the real estate industry from 2007 to 2010 as the research object, and through the manual collection of all assets restructuring announcements for real estate in the main business within 4 years. Based on this, this paper analyzes the real estate company announcements of each backdoor listing, and studies the above problems by using the typical case analysis and event research method. Through the case study, it is found that the real estate enterprises have the characteristics of backdoor listing, but the real estate enterprises pay more attention to the debt burden of the original shell companies, in the process of backdoor listing. Both need to look for a company to inherit the debt of the shell to create conditions for real estate companies to refinance through a backdoor listing. Through the empirical study, this paper finds that the market reflects the real estate assets restructuring quickly and strongly, and there is a certain problem of information leakage. Among them, 1. The information leakage of real estate enterprises listed by backdoor listing is the most serious, and the backdoor listing mode of asset repurchase basically does not exist information leakage; 2. In the form of asset repurchase and asset replacement, the corporate value of the real estate enterprises listed through backdoor is basically the same, while the value of the backdoor listed enterprises in the form of directional additional issuance is the lowest. The future market reverse correction behavior is most obvious. Finally, combined with the study of this paper, this paper believes that real estate enterprises need to improve the level of corporate governance in the process of backdoor listing, and fully analyze the financing needs, and make full use of the guidance function of the local government. At the same time the country needs to regulate the order of the securities market in order to make the real estate enterprises orderly effective and qualitative listing. This paper analyzes the characteristics of the backdoor listing of real estate enterprises, which provides a new perspective for the future research of backdoor listing, and enriches and develops the approaches to the listing of real estate enterprises.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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本文編號(hào)：1458193