The Case Analysis Of Greenland Group's Back-door Financing

The real estate industry is closely related to the development of a country's economy.In recent years,the state has continued to strengthen the macroeconomic control for the real estate industry,the bank credit continues to tighten,and the review of public financing is increasingly stringent.So,for the real estate enterprises,under the circumstance that IPO is suffocated,that how to achieve the public financing and how to choose financing method strategically seems crucial.In the domestic and foreign research on the back-door listing,domestic scholars mostly study on the performance of asset acquisition from its different ways,while foreign scholars analyze the performance by comparing the two ways of back-door listing and direct listing.However,because the delisting system of China's securities market is still not perfect,the performance study that back-door method will be chosen only when it can't be listed,which is believed by foreign scholars,is not consistent with China's national conditions.Based on the reference to domestic and foreign excellent research theories,according to the actual situation of China's capital market,this article carries out the research on the listing methods of real estate enterprises' back-door financing,trying to provide a new direction for the research and practice of our country's back-door financing.This article selects the reorganization conduct that Greenland Group is listed by merging Jinfeng Investment as the case and makes a description for thebasic situation of the case from two aspects such as the basic situation and the trading scheme of two parties of the merger.In the whole process of the reorganization conduct,Greenland Group assesses and prices the assets of both transactions parties by adopting asset-based approach and the mode of operation with the replacement of assets and achieves the listing and financing purpose of merging Jinfeng Investment by using the operation patterns of assets replacement and issuing shares.The article analyzes the motivation of Green group's back-door financing from three aspects: the listing opportunity,listing way and listing place.It believes that the conduct that Greenland Group merges Jinfeng Investment to achieve A-shares listing is appropriate.This article analyzes the performance of Greenland Group's back-door financing from two aspects: the effect and the finance.It believes that the effect of Greenland Group's backdoor financing is good,and the financial performance is outstanding.The author thinks that the success of Greenland Group's backdoor listing lies on paying attention to the following aspects in the reorganization process: the first is good asset quality,the second is quality merging resources,the third is reasonable valuation method,the fourth is effective operation mode,and the fifth is normative resource integration.But the author finds in the analysis process that the following problems still exist in the process of Greenland Group's back-door financing: the first one is that overall listing affect the effect of long-term financing;the second one is that the financial leverage is too high;the third one is the existence of refinancing policy risk.The author proposes that improvement should be made from the following three aspects:improving the injection proportion of quality assets?reducing financial leverage and preventing the risk of refinancing policy.Through the analysis,the author thinks that the listing and financing purpose can be realized by the way of merger.Enterprises should choose financing methods according to their actual situation.The use of the window period of refinancing policy is crucial.On this basis,the author puts forward the suggestions about back-door listing and financing for other real estate enterprises: we should strictly comply with the national policy requirement,and we should make full preparation both before and after the listing.