本文關(guān)鍵詞：JHZY借殼上市案例分析　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 房地產(chǎn)企業(yè) 因子分析法 借殼上市

【摘要】：現(xiàn)如今,經(jīng)濟全球化使得許多企業(yè)的發(fā)展目標是實現(xiàn)上市從而獲得融資,但是直接上市會花費比較長的時間,使得企業(yè)不能盡快的獲得資金,而且申請上市的程序比較麻煩,申請規(guī)格非常謹慎。于是,采取"借殼"的方法就成為許多企業(yè)優(yōu)先的選擇,因為它籌集資金的時間比較短,可以滿足其自身需要。最初,在我們國家出現(xiàn)"借殼上市"是因為大陸有一家企業(yè)想要在香港上市達到融資的目的,于是并購了一家港企。當然,我國"借殼上市"的理論出現(xiàn)比較晚,學者們對它的研究分析也相對較少,因此在這個方面有很多不足之處,關(guān)于其法律法規(guī)、各種條款都有所欠缺。我們從房地產(chǎn)企業(yè)的視角出發(fā),不能忽略融資方式難對企業(yè)的影響。房地產(chǎn)公司花費大量的資金在買地建房上,由于其行業(yè)特殊性,銷售所得資金并不能夠及時填補成本的缺口。然而,銀行商業(yè)貸款的限制條件越來越苛刻,其貸款額度也越來越低,不能夠滿足房地產(chǎn)公司的需求,使得房地產(chǎn)公司的發(fā)展停滯不前。特別是資本市場對于上市要求嚴格,那些可以通過IPO進入資本市場的公司很少,相對來說,公司規(guī)模也比較大。但在我國,中小企業(yè)在房地產(chǎn)企業(yè)中占有大部分比例,IPO這個方式行不通,所以大多數(shù)公司都欣然的選擇借殼上市這條路。不僅可以避開IPO的種種限定,也可以實現(xiàn)自身的資金充足,使得企業(yè)能夠更快更好地向前發(fā)展,充分發(fā)揮其優(yōu)勢,提升經(jīng)營能力。本文主要是基于對房地產(chǎn)企業(yè)——JHZY成功借殼HBJH達到間接上市的案例進行了研究分析,指出JHZY借殼HBJH這個案例中所存在的問題,并給予房地產(chǎn)公司借殼上市的對策和建議,為大家提供借鑒。文章結(jié)合了房地產(chǎn)行業(yè)宏觀的經(jīng)濟背景,介紹了借殼上市的基本概念,包括JHZY借殼案例的背景,詳細描述了此次借殼的上市操作過程,分析了雙方的交易動因,明確了其中的交易過程,概括出其中存在的問題,問題該如何有效解決也得到了相應(yīng)的解答。結(jié)合了此次的借殼上市,本文通過因子分析法對JH股份進行績效評價。這其中涉及到了財務(wù)指標的分析,最后可以得出結(jié)論,公司借殼后拓展了其融資渠道,財務(wù)狀況得到了一定程度的改善,市場對于借殼的反應(yīng)良好,企業(yè)自身價值得到增加。綜合以上分析,可以得出此次JHZY借殼HBJH上市是有一定成長能力的。
[Abstract]:Nowadays, economic globalization makes the development goal of many enterprises is to achieve market to obtain financing, but direct listing will take a relatively long time, the enterprise cannot obtain funds as soon as possible, and to apply for listing of cumbersome procedures, application specifications very carefully. Then, take the "backdoor" method has become the preferred choice of many enterprises because it, to raise funds for a relatively short time, can meet their own needs. First, in our country there is a "backdoor listing", because a company wants to achieve in Hongkong listed financing, so the acquisition of a Hong Kong enterprises. Of course, our "backdoor listing" theory appeared relatively late study, scholars on it is relatively small, so there are many deficiencies in this aspect, on the legal laws and regulations, the provisions are lacking. From our real estate enterprises from the perspective of a That cannot be ignored. The enterprise financing difficult for Real Estate Company to spend a lot of money in buying land for housing, because of its particularity, the sale proceeds can not timely fill cost gap. However, more and more restrictive conditions of commercial bank loans to more demanding, the loan amount is also more and more low, can not meet the Real Estate Company the needs of the development of Real Estate Company, the stagnant. Especially the capital market for listed companies can be strict, to enter the capital market through the IPO small, relatively speaking, the company scale is relatively large. But in our country, the small and medium-sized enterprise occupies large proportion in real estate enterprises, IPO doesn't work this way, so most companies are pleased the choice of backdoor listing this way. Restrictions can not only avoid the IPO, also can realize their own capital adequacy, makes the enterprise faster For better development, give full play to its advantages, enhance the management capacity. This paper is based on the real estate enterprises -- JHZY HBJH achieve successful backdoor listing case indirectly analyzed, pointed out that there are problems in the case of JHZY HBJH backdoor, backdoor listing Real Estate Company and give the countermeasures and suggestions, provide a reference for everyone. The combination of the real estate industry macro background, introduces the basic concepts of backdoor listing, backdoor JHZY including the background of the case, a detailed description of the operation process of the backdoor listing, analyzes the transaction motive of the two parties, the transaction process, summed up the problems, how to effectively solve the problem also get the corresponding answer. Combined with the backdoor listing, the method to evaluate the performance of JH shares through factor analysis. This relates to the financial index The analysis, finally it can be concluded that the company backdoor expand the financing channels, the financial situation has been improved to some extent, the market for backdoor response is good, enterprise value increased. Based on the above analysis, we can say that this is a backdoor listing of HBJH JHZY growth ability.

【學位授予單位】：哈爾濱商業(yè)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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本文編號：1411578