摘 要
房地产是国内的敏感话题之一。它带动了建筑业、能源业、交通运输业、自来水供应业、建材业、金融和服务业等。近年来，房地产从黄金时代走向了白银时代，购房疯狂热潮已经减退，房地产商的处境不如往年乐观，这决定了房地产商想要谋求更大发展需要在各方面做出改革创新和努力，比如市场规划、资金来源、产品特色等。本文将着重从资金来源方面分析房地产融资渠道中借壳上市的相关问题。
由于房地产资金投入量大，回款周期长等特点，加之政府不断出台政策对房地产行业进行宏观调控，资金链就成为了房地产的首要解决问题。房地产的融资方式有很多种，例如债券融资、上市融资、贷款融资、典当融资和房地产信托等。但是银行逐渐限制房地产贷款额度，政府政策控制房地产融资，房产购买用户付款比率低，使得房地产资金链面临巨大挑战，可以说是四面楚歌。于此同时，房地产本身更加追求高效便捷节约成本的融资方法，于是借壳上市成为了房地产的首选。借壳上市相比 IPO 有更低的标准、更简单的审批程序、更快的时间以及特别低的成本等优势，借壳上市后还能为公司免费宣传，使其成为很多想要进入资本市场融资的企业选择的手段。
本文先后介绍了我国房地产的市场现状及其经济现状，房地产借壳上市的宏观情况，又概括了国内外对于房地产借壳上市案例的研究结论，对房地产融资中的借壳上市的概念、意义、方式等进行了深入研究。并以绿地集团香港借壳上市作为案例进行探讨分析。
绿地集团收购盛高置地 60%股份，借壳盛高置地公司香港上市后，盛高置地更名为绿地香港并飞速发展。本文介绍了绿地集团和盛高置地双方的概况、绿地集团借壳盛高置地上市的动因、上市的具体情况，其中着重描写了绿地集团为什么选择香港这一平台上市的内因。随后从海外上市优势分析、借壳上市风险分析、经营差异分析对绿地集团借壳上市的成败进行了判断。
关键词：房地产；绿地集团；借壳上市；融资
Abstract
Real estate is one of the sensitive topic in china. It has led the construction industry,energy industry, transportation, water supply, building materials industry, finance and serviceindustries, etc In recent years, the real estate from the golden age into the silver era, thepurchase of crazy craze has diminished, real estate business situation is not as optimistic as inprevious years, this determines the real estate developers want to seek greater developmentneeds to make reform and innovation in various aspects, such as market planning, capital JinLaiyuan, product characteristics, etc This article will focus on the financing channels of real1Because the real estate investment volume, characteristics of long period of payment,and the government has promulgated the policy of macro-control of the real estate industry,capital chain has become the first to solve the problem of real estate. There are a lot of realestate financing, such as bond financing, listing financing, loan financing, pawn financingand real estate trust, etc But the bank has restrictions on real estate loans, real estatefinancing government control policy, the purchase of real estate users payment rate is low,making the real estate capital chain is facing great challenges, can be said to be besieged onall sides. At the same time, the real estate itself more efficient and convenient way to save thecost of financing, so the backdoor listing has become the first choice for real estate. Backdoorlisting IPO has lower standards, more simple approval procedures, faster time and special lowcost advantages, backdoor listing can also be free publicity for the company, making it a lotof companies want to enter the capital market financing options.
This paper has introduced the current situation of China's real estate market and its economic status, the macro situation of the real estate backdoor listing, and summarized the domestic and foreign research conclusions on the real estate backdoor listing, the concept, significance, methods, and so on. And taking the Hongkong backdoor listing of the Greenland Groupas a case study and analysis. Greenland Group acquisition SPG 60% shares backdoor SPG company listed in Hongkong, SPG was renamed Hongkong green and rapid development. Thispaper introduces the green group and the high land on both sides of the situation, the Greenland Group backdoor SPG listed market dynamics, the specific circumstances, which focuses on the description of the green group why choose this platform listed internal Hongkong. Thenthe success or failure of the backdoor listing of the Greenland Group has been analyzed, which leads to the thinking of the real estate backdoor listing, and put forward to do a good job inthe preliminary investigation, improve the governance structure, to do a good job backdoor specific operations, to avoid risks, to plan for the future.
Keywords:Real estate;GREENLAND;Back Door Listing;Financing
目 录
摘要
Abstract
第 1 章 绪论
1.1 研究背景
1.1.1 国内房地产现状
1.1.2 国内房地产借壳上市情况
1.2 研究目的及研究意义
1.3 主要研究内容及框架结构
1.4 国内外文献综述
1.4.1 国内对于房地产借壳上市的研究
1.4.2 国外对于房地产借壳上市的研究
第2章 相关理论
2.1 企业并购
2.1.1 企业并购的概念
2.1.2 反向并购的概念
2.1.3 企业并购发展史
2.2 借壳上市
2.2.1 借壳上市的概念
2.2.2 借壳上市的特征
2.2.3 借壳上市的方式
2.2.4 借壳上市的意义
第 3 章 案例概况
3.1 借壳方绿地控股集团有限公司概况
3.2 被借壳方盛高置地（控股）有限公司概况
3.3 绿地集团香港借壳上市动因
3.3.1 上市动因分析
3.3.2 借壳上市动因分析
3.3.3 在香港借壳上市动因分析
3.3.4 在香港诸多壳资源中选中盛高置地动因分析
3.4 绿地集团借壳盛高置地上市情况
3.4.1 确定借壳上市前的情况
3.4.2 确定借壳上市后的情况
3.4.3 剥离资产的过程
3.4.4 认购的过程
3.4.5 借壳上市后发展规划
3.5 该案例的典型性及代表性
第4章 案例讨论
4.1 绿地集团海外上市优势分析
4.1.1 推动国有企业改制
4.1.2 扩大融资容量
4.1.3 融资环境正规化
4.1.4 优于 A 股的上市条件
4.2 借壳上市风险分析
4.2.1 并购支付风险
4.2.2 并购财务整合风险
4.2.3 信息风险
4.2.4 上市平台选择风险
4.2.5 壳资源选择风险
4.3 借壳上市前后经营状况差异分析
第5章 研究结论与研究启示
5.1 本文结论
5.2 研究启示
参考文献
后记
