A Study On Corporate Governance, Cash Dividends And Over-investment Behavior: Based On Manufacturing Listed Companies

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 service industries, etc.. In recent years, the real estate from the golden age into the silver era, the purchase of crazy craze has diminished, real estate business situation is not as optimistic as in previous years, this determines the real estate developers want to seek greater development needs to make reform and innovation in various aspects, such as market planning, capital Jin Laiyuan, product characteristics, etc.. This article will focus on the financing channels of real estate financing channels in the relevant issues.Because 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 real estate financing, such as bond financing, listing financing, loan financing, pawn financing and real estate trust, etc.. But the bank has restrictions on real estate loans, real estate financing 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 on all sides. At the same time, the real estate itself more efficient and convenient way to save the cost of financing, so the backdoor listing has become the first choice for real estate. Backdoor listing IPO has lower standards, more simple approval procedures, faster time and special low cost advantages, backdoor listing can also be free publicity for the company, making it a lot of companies want to enter the capital market financing options.This paper has introduced the current situation of China’s real estate market and its econ omic status, the macro situation of the real estate backdoor listing, and summarized the dome stic and foreign research conclusions on the real estate backdoor listing, the concept, significa nce, methods, and so on. And taking the Hongkong backdoor listing of the Greenland Group as a case study and analysis. Greenland Group acquisition SPG 60% shares backdoor SPG co mpany listed in Hongkong, SPG was renamed Hongkong green and rapid development. This paper introduces the green group and the high land on both sides of the situation, the Greenla nd Group backdoor SPG listed market dynamics, the specific circumstances, which focuses o n the description of the green group why choose this platform listed internal Hongkong. Then the success or failure of the backdoor listing of the Greenland Group has been analyzed, whi ch 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 s pecific operations, to avoid risks, to plan for the future.