Real Estate Enterprise Backdoor Listing Mode And Behavior Effect Research

Real estate industry is capital concentrated enterprise and cash flow is its blood. Financing is the most important task of each real estate enterprise. Nowadays, with the promulgating of our country's curbing housing prices to rise quickly---Circular of the State Council, it is difficult to meet the real estate enterprise's demand by carrying out a tight fiscal policy, raising lending rates and deposit reserve rate repeatedly or at the same time the foreign exchange external financing restricted by the State Administration. As for this financing mode, there was neither a unified conclusion for this financing mode nor researches performed to illustrate the value of real estate enterprises influence. Are there any differences between the real estate enterprise and others? What is the characteristic? What the influence to the real estate value after the backdoor listing?The paper chooses all the backdoor listing of enterprises from2007to2010as the research object. And use typical case analysis and event study method to study asset restructuring announcement of every main estate enterprise.In this paper, the result shows that the real estate enterprise backdoor listing is the same with the general characteristics of the backdoor listing, but the real estate enterprises pay more attention to the original shell company debt burden. They always need to find a company to inherit the shell company's debt during the backdoor listing process to achieve the purpose of re-financing.The market of real estate enterprises reflects strongly and fast to asset restructuring announcement and there must be information leakage.1. Information leakage is most serious by additional directional pattern of backdoor listing real estate enterprise, but asset buyback mode almost has no leakage of information;2. Basically, asset-repurchased and assets replacement pattern are the same in the increasing of the enterprise value. Directed additional pattern enhance the minimum value of enterprises, and future market reverse correction was the most obvious.Finally, in summary, real estate companies need to improve corporate governance, analyze their financing needs, and take advantage of the guidance functions of local government. In addition, our country also needs to regulate the securities market order to guarantee the real estate listing orderly and effectively. The main contribution of this paper is to make real estate companies backdoor listing as its starting point. It provides a new perspective for future research in backdoor listing and enriches and develops the path of real estate enterprise listing.