I绿地集团借壳上市动因及绩效研究摘 要近年来，房地产行业发展迅速，成为我国经济的重要组成部分。房地产行业因资金回笼时间相对较长，所以对资金要求极高。随着政府对房地产政策的不断更新和出台，房地产企业的资金压力不断增大，房地产面临因为融资渠道单一而产生的资金链条断裂的风险。在首次公开发行受限制的条件下，房地产企业只能通过借壳上市来达到目的，而绿地集团在房地产行业中脱颖而出成为借壳上市的典范，其中必有学习和借鉴之处。本文以上海绿地集团借壳上海金丰投资股份有限公司上市为例，对借壳上市的背景过程、内外部动因进行深入解析。再运用会计指标法对本次活动从偿债能力、盈利能力、营运能力、发展能力四个财务角度进行分析；并使用事件研究法对公司进行财富效应分析，分析表明绿地集团整体上市短期绩效良好，长期绩效也比较乐观。然后从非财务角度解析了公司的治理结构的变化、战略目标的改变、同业竞争的改善。最后结合绿地集团借壳上海金丰投资股份有限公司上市过程中具体情况和绩效表现，得出一定的结论与启示希望能够对其他房地产企业在进行借壳上市活动中有借鉴和参考价值。关键词：绿地集团；借壳上市；财务绩效；借壳动因IIResearch on the backdoor listing motivation and performance of Greenland groupAbstractIn recent years, the real estate industry has developed rapidly and become an important part of China's economy. The real estate industry because of the relatively long time of capital recovery, so the capital requirements are very high. With the continuous update and introduction of the government's real estate policy, the capital pressure of real estate enterprises is increasing, and real estate is facing the risk of capital chain breaking due to the single financing channel. Under the condition of limited initial public offering, real estate enterprises can only achieve their purpose by backdoor listing, and Greenland group stands out as a model of backdoor listing in the real estate industry, which must learn from.Taking Shanghai Greenland group backdoor listing of Shanghai Jinfeng ...
