本文關(guān)鍵詞： 綠地集團(tuán) 借殼上市 財(cái)務(wù)績效 國企混改　出處：《廣東工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國市場(chǎng)經(jīng)濟(jì)的逐步完善,國有企業(yè)經(jīng)濟(jì)增速放緩,政府提出了混合所有制發(fā)展的經(jīng)濟(jì)形勢(shì),為國企順應(yīng)市場(chǎng)變化選擇轉(zhuǎn)型提供發(fā)展路徑。國有企業(yè)期望通過上市來改善企業(yè)的經(jīng)營效率、擴(kuò)大融資渠道、提升企業(yè)的市場(chǎng)份額,但是我國嚴(yán)格的IPO審核制度阻擋了許多優(yōu)質(zhì)企業(yè)的上市,因此企業(yè)為了盡快獲得融資,會(huì)選擇借殼上市這種審核簡單、成本低、時(shí)間短的方式。本文以國資委指導(dǎo)下成功借殼上市的綠地集團(tuán)為例,分析案例企業(yè)的具體上市過程,研究借殼上市對(duì)企業(yè)財(cái)務(wù)績效的影響,希望為其他企業(yè)選擇上市路徑提供啟示和建議,對(duì)國企參與混合所有制改革具有借鑒意義。綠地集團(tuán)是我國房地產(chǎn)行業(yè)綜合排名第五的大型國有企業(yè),借殼金豐投資上市是我國A股史上最大的借殼案例,該案例對(duì)于并購市場(chǎng)的發(fā)展和國企參與混合所有制的改革都具有一定的代表性。本文首先闡述了研究的背景和意義,通過文獻(xiàn)綜述總結(jié)學(xué)者們多年來對(duì)于借殼上市動(dòng)因和績效的研究成果,界定借殼上市的概念和模式,歸納相關(guān)理論基礎(chǔ)。其次,介紹綠地集團(tuán)的發(fā)展概況,分析企業(yè)選擇借殼上市的內(nèi)外動(dòng)因,解析綠地上市方案的運(yùn)行模式和具體操作。然后,重點(diǎn)分析綠地集團(tuán)借殼上市的財(cái)務(wù)績效,對(duì)比企業(yè)上市前后的財(cái)務(wù)變化,比較行業(yè)均值說明行業(yè)環(huán)境影響,分析影響企業(yè)績效的作用途徑,說明借殼上市對(duì)企業(yè)財(cái)務(wù)績效的影響。最后,總結(jié)案例企業(yè)成功借殼上市的經(jīng)驗(yàn),對(duì)上市可能出現(xiàn)的風(fēng)險(xiǎn)提出思考和建議,說明國企參與所有制改革的重要意義。通過研究表明,綠地集團(tuán)在A股借殼上市之后,短期內(nèi)企業(yè)盈利能力有所提升,但是作用于總體財(cái)務(wù)績效并不明顯。企業(yè)在借殼上市之后優(yōu)化股權(quán)分配,完善治理結(jié)構(gòu),提高經(jīng)營效率,拓寬融資渠道,對(duì)未來的財(cái)務(wù)績效會(huì)有更明顯的促進(jìn)作用,將進(jìn)一步提升企業(yè)成長能力。本文通過歸納綠地集團(tuán)借殼上市的成功經(jīng)驗(yàn),對(duì)借殼上市過程中可能遇到的風(fēng)險(xiǎn)提出思考和建議,為選擇借殼上市的其他企業(yè)提供經(jīng)驗(yàn)參考,對(duì)于我國目前國有企業(yè)參與混合所有制改革具有一定借鑒意義。
[Abstract]:With the gradual improvement of China's market economy and the slowing down of the economic growth of state-owned enterprises, the government has put forward the economic situation of the development of mixed ownership. SOEs are expected to improve their operating efficiency, expand their financing channels and increase their market share by listing on the stock market. However, the strict IPO audit system in our country has prevented many high-quality enterprises from going public. Therefore, in order to obtain financing as soon as possible, enterprises will choose backdoor listing, which is simple and low-cost. This paper analyzes the concrete listing process of the case enterprises, and studies the impact of the backdoor listing on the financial performance of the enterprises, taking the green space group listed successfully under the guidance of SASAC as an example. It is hoped to provide enlightenment and advice for other enterprises to choose the way of listing, which can be used as a reference for state-owned enterprises to participate in the reform of mixed ownership. Green Land Group is a large state-owned enterprise with a comprehensive ranking of 5th in the real estate industry of our country. The backdoor Jinfeng investment listing is the largest case in the history of A shares in China. This case is representative of the development of M & A market and the participation of state-owned enterprises in the reform of mixed ownership. This paper first expounds the background and significance of the research. Through literature review, this paper summarizes the scholars' research results on the motivation and performance of backdoor listing over the years, defines the concept and mode of backdoor listing, and induces the relevant theoretical basis. Secondly, it introduces the development of green space group. This paper analyzes the internal and external reasons for enterprises to choose backdoor listing, analyzes the operation mode and concrete operation of green space listing scheme. Then, it analyzes the financial performance of green space group listing through backdoor, and compares the financial changes before and after listing. Comparing the industry average to explain the influence of industry environment, analyze the action way of influencing enterprise performance, explain the influence of backdoor listing on enterprise financial performance. Finally, summarize the experience of successful backdoor listing. This paper puts forward some thoughts and suggestions on the possible risks of listing, and explains the significance of state-owned enterprises' participation in ownership reform. Through research, it is shown that the green space group has improved its profitability in the short term after the A-share backdoor listing. But the effect on the overall financial performance is not obvious. After the backdoor listing, the enterprises optimize the equity distribution, perfect the governance structure, improve the management efficiency, widen the financing channels, which will promote the future financial performance more obviously. This paper sums up the successful experiences of green space group in backdoor listing, puts forward some thoughts and suggestions on the risks that may be encountered in the process of backdoor listing, and provides experience reference for other enterprises that choose backdoor listing. For the current state-owned enterprises to participate in mixed ownership reform has certain reference significance.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42;F832.51

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