Listing By Buying Shell Theory And Case Analysis

Listing by buying shell had greatly increased in the Chinese securities market from 1997. It's is a kind of asset recon structuring. Company can require asset from securities market by this way. Firstly, it must gain the control right on one listed company. Secondly, it will invest the high-quality assets to the listed company. Finally, it can realize the goal of indirect listing. With market economics developing and consciousness of financing improving, enterprise buying shell competed more and more. In order to understand it, it's necessary to research it deeply.This article analyzes this phenomenon in detail. It introduces its character, analyzes the motivation of participants and researches the main motivation by making model to prove and analyze.It is a very important factor to select good shell resource. How to select good shell is written in 3rd chapter. I also make the concrete quantity index to evaluate the shell's value in order to provide a method in selecting the shell resource.It explains the problems of the choice principles and criterions of the shell, the price determination of the shell company and the cost of the equity of the shell in detail.Through researching the case of Dagang Oilfield Company going public indirectly by merging and acqusition Aishi Company, I analyze and evaluate its cost and income of buying shell. I hope to offer a few reference opinions for other enterprises that may carry on capital operation.