【作者】 张华；

【导师】 范亚东； 李成顺；

【作者基本信息】 东北农业大学 ， 会计硕士（专业学位）， 2018， 硕士

【副题名】以绿地集团为例

【摘要】 房地产行业不仅是一个与国家宏观经济走势相关度较高的行业,也是一个能够牵一发而动全身的行业。从产业格局上看,近些年来,房地产行业不仅推动着行业本身的进步,也带动着建筑业、能源业、交通运输业等第二产业和服务业等第三产业的发展。现如今,国内房地产行业的高增长、高利润时代已经一去不复返,另外房地产投资增速持续下滑,库存不断攀升,销售增长出现疲态,去杠杆压力较大,加之国家多重政策叠加的效果不断释放,房地产行业经济令人堪忧。房地产行业本身是资金密集型行业,又处于改革转型的重要阶段,更加需要大量资本,因此为筹集更多的资金、拓宽融资道路,房地产企业纷纷走上了上市之路。本文以绿地集团借壳金丰投资为例,首先介绍本文的研究背景、目的和意义,进行文献综述并介绍本文的研究内容和研究方法,其次介绍借壳上市的相关概念及理论基础,然后对案例进行描述,包括阐述房地产行业背景,以及借壳方与让壳方的基本情况,分析双方借壳和让壳的动因,对绿地集团的上市方案及上市前后的股权结构变化进行描述。之后是本文的核心部分,阐述绿地集团借壳上市对其财务状况的影响变化,主要变化体现在以下几个方面:从流动比率和速动比率的变化中能看出企业短期内的财务状况得到改善,财务风险有所降低;盈利能力方面,自身的经营管理和资金管理的能力以及资产利用率有所提高;营运能力变化近两年趋于平衡,在排除掉政府方面的影响后,借壳上市行为对营运能力有着良好积极的作用;发展能力方面,主营业务收入增长率、净利润增长率和总资产增长率三项指标涨势平稳。然后总结绿地集团借壳上市的成功经验:拓宽了企业的融资渠道从而降低了财务风险,优化了股权结构使企业的财务绩效得到提升,改善了公司治理结构同时获得了新的利益增长点。最后总结该案例对其他房地产企业想要通过借壳上市模式融资的启示,包括选择正确的壳公司,根据企业情况制定合理上市方案,拓宽融资渠道的同时警惕财务风险,完善治理结构并优化资源配置四个方面。更多还原

【Abstract】 The real estate industry is not only an industry that has a high correlation with the country’s macroeconomic trends,but also can pull the whole body into action.Judging from the industrial structure,in recent years,the real estate industry has not only promoted the progress of the industry itself,but also promoted the development of secondary industries such as construction,energy,transportation and service industries.Nowadays,the high-growth and high-profit era of the domestic real estate industry is over.In addition,the growth rate of real estate investment continues to decline,inventory keeps rising,sales growth appears to be weak,deleveraging pressure is great,and the country’s multiple policies overlap.The effect continues to be released and the real estate industry economy is worrying.The real estate industry is a capital-intensive industry,and it is in an important stage of reform and transformation.It needs a lot capital.Therefore,in order to raise more funds and widen the financing path,real estate companies have embarked on the road to listing.This paper takes Greenland Group’s backdoor listing as an example.First to introduce the research background,purpose and significance of this article,summarize the literature,and introduce the research content and research methods of this article.Secondly,introduce the related concepts and theoretical basis of backdoor listing,and then describe to the case.The description includes the background of the real estate industry,the basic situation of the lender and the shell,the analysis of the causes of the backdoor and the shell,and the description of the plan for the listing of the Greenland Group and changes in the ownership structure before and after the listing.Afterwards,the core part of this paper describes the changes in the financial status of the Greenland Group’s backdoor listing.The main changes are reflected in the following aspects: From the changes in the current ratio and quick ratio,it can be seen that the short-term financial status of the company has been improved and the financial risks have been reduced;in terms of profitability,the ability to manage their own operations and funds,and the utilization of assets have increased;changes in operational capabilities have tended to balance in the past two years.After the government’s influence has been eliminated,backdoor listing has a positive effect on operating capacity;in terms of development capacity,the three indicators of main business revenue growth rate,net profit growth rate,and total asset growth rate are stable.Then summarize the successfulexperiences of the backdoor listing of Greenland Group on the financial aspects of the company:Broadening the company’s financing channels to reduce financial risks,optimizing the equity structure to improve the financial performance of the company,improving the corporate governance structure and gaining new interest growth points.Finally,we summarize the implications of this case for other real estate companies wanting to finance through the backdoor listing model,including selecting the right shell company,formulating a reasonable listing plan according to the company’s situation,broadening the financing channels while vigilance against financial risks,improving the governance structure and optimizing resource allocation.更多还原