本文選題：反向購買 + 房地產(chǎn)企業(yè)��； 參考：《華東交通大學(xué)》2017年碩士論文

【摘要】：基于目前的經(jīng)濟(jì)發(fā)展趨勢來看,優(yōu)質(zhì)持續(xù)的融資渠道對那些想要取得長遠(yuǎn)發(fā)展的企業(yè)來說,是十分重要的成功要素,所以企業(yè)需要對建設(shè)良好的融資渠道引起重視。由于房地產(chǎn)對社會(huì)巨大的影響力,所以政府為了調(diào)控房地產(chǎn)行業(yè)頻頻出臺了多項(xiàng)政策。我國房地產(chǎn)企業(yè)的融資也隨著這些政策的出臺而變得愈發(fā)的困難。商業(yè)銀行貸款原本是我國房地產(chǎn)企業(yè)最主要的融資渠道,但由于我國房地產(chǎn)行業(yè)的超速發(fā)展,使得商業(yè)銀行在房產(chǎn)信貸這一塊的風(fēng)險(xiǎn)也在不斷加大,這直接導(dǎo)致我國大部分的商業(yè)銀行對房地產(chǎn)企業(yè)的貸款條件變得越來越苛刻。由于商業(yè)銀行貸款這條道路越來越難走,使得房地產(chǎn)企業(yè)開始積極尋求其他更好的融資方式。面對這樣的融資環(huán)境,大部分房地產(chǎn)企業(yè)的首要想法是通過企業(yè)上市來實(shí)現(xiàn)房地產(chǎn)企業(yè)在證券市場上的融資。但是由于我國IPO上市的條件非常的嚴(yán)苛,因此許多房地產(chǎn)企業(yè)開始把注意力轉(zhuǎn)向反向購買上市公司,以達(dá)間接上市的目的。本文以反向購買的相關(guān)理論作為基礎(chǔ),以銀億房產(chǎn)反向并購蘭光科技的案例為研究對象,對銀億房產(chǎn)反向購買蘭光科技前后的企業(yè)狀況進(jìn)行了財(cái)務(wù)分析,進(jìn)而剖析出房地產(chǎn)企業(yè)反向購買上市公司過程中可以借鑒及反思的事項(xiàng)。針對銀億房產(chǎn)反向并購蘭光科技的案例分析,筆者首先介紹了反向購買雙方的情況、反向購買發(fā)生過程及因此而產(chǎn)生的股權(quán)變化,并分別分析了銀億房產(chǎn)、蘭光科技參與反向購買的動(dòng)因;然后對因反向購買而產(chǎn)生的財(cái)務(wù)風(fēng)險(xiǎn)(企業(yè)價(jià)值評估風(fēng)險(xiǎn)、融資風(fēng)險(xiǎn)和整合風(fēng)險(xiǎn))進(jìn)行了分析;最后運(yùn)用財(cái)務(wù)指標(biāo)法對反向購買前后企業(yè)的財(cái)務(wù)績效進(jìn)行了縱向?qū)Ρ确治霾⑨槍︺y億房產(chǎn)進(jìn)行了財(cái)務(wù)績效的橫向?qū)Ρ确治觥８鶕?jù)對該案例的分析,總結(jié)出其他房地產(chǎn)企業(yè)在反向購買上市公司時(shí)可以借鑒的成功之處及引起反思的不足之處。希望通過本案例的研究能夠?yàn)榻窈笾行》康禺a(chǎn)企業(yè)反向購買上市公司帶來一定的啟示,幫助它們提高反向購買上市公司的效率及效果。
[Abstract]:Based on the current trend of economic development, high-quality and continuous financing channels are very important elements of success for those enterprises that want to achieve long-term development, so enterprises need to pay attention to the construction of good financing channels.Because of the great influence of real estate on society, the government has issued many policies to regulate the real estate industry.With the introduction of these policies, the financing of real estate enterprises in China has become more and more difficult.Commercial bank loans were originally the most important financing channel for real estate enterprises in China. However, due to the rapid development of the real estate industry in our country, the risks of commercial banks in the real estate credit sector are also continuously increasing.This directly leads to the loan conditions of most commercial banks to real estate enterprises become more and more stringent.As the path of commercial bank lending becomes more and more difficult, real estate companies are actively seeking other better financing methods.Facing such a financing environment, the most important idea of real estate enterprises is to realize the financing of real estate enterprises in the securities market through the listing of enterprises.However, due to the harsh conditions of IPO listing in China, many real estate enterprises begin to turn their attention to reverse purchase of listed companies in order to achieve the purpose of indirect listing.Based on the related theory of reverse purchase, this paper makes a financial analysis of the enterprise situation before and after the reverse purchase of Languang Technology by Yinyi Real Estate, which is based on the case of the reverse acquisition of Languang Technology by Yinyi Real Estate.Then analyze the real estate enterprises reverse purchase of listed companies in the process of reference and reflection.In view of the case study of reverse merger and acquisition of Yinyi real estate, the author first introduces the situation of both reverse buyers, the process of reverse purchase and the stock rights change caused by the reverse purchase, and analyzes the Yinyi real estate separately.Secondly, it analyzes the financial risk (enterprise value assessment risk, financing risk and integration risk) caused by reverse purchase.Finally, the financial performance of enterprises before and after reverse purchase is analyzed by using the financial index method, and the horizontal comparative analysis of the financial performance of Yinyi real estate is carried out.According to the analysis of this case, this paper summarizes the success and shortcomings that other real estate enterprises can use for reference when purchasing listed companies in reverse direction.It is hoped that the study of this case can bring some enlightenment to the reverse purchase of listed companies by small and medium-sized real estate enterprises in the future, and help them to improve the efficiency and effect of reverse purchasing of listed companies.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.4;F832.51

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