Study For The Evaluation Of Chinese Shell Resources Value

With the reform and development of Chinese stock market,the shell of listed companies will not have speculation value,shell resources value gradually regressess to reasonable range,transaction of shell resources will tend to reason. How to evaluate reasonable transaction of shell resources is the objective of the thesis.The thesis firstly does analysis on Chinese shell resources value, and analyzes reasones why in Chinese shell resources have great demand and small supply.It's a conclusion that backdoor listing is a eternal topic in the our stock market and its existence has objectivity and long-term.Therefore, content of the thesis has significance.Shell resources'value basis decides its value types.From earnings analysis on buyer and seller,we can reach a conclusion that shell resources have two value types—market value and investment value.Market value of shell resources is approved by market as a whole,and it's also the compensation to seller;investment value of shell resources is approved by individual buyer,different buyers have different investment value.Ignoring restructuring gains and only considering listing qualifications,buyer will agree with the transaction,if transaction price of shell resources is less than its market value.However,there are many factors affecting shell resources transaction.Especially in practice, more complex shell resource transactions motive, in which restructuring gains is one of most important motivation. Therefore, the transaction price depends on the investment value of shell resources, the investment value is to determine the basis for the final transaction price.Compared to the two value types of shell resources,the investment value is more important and is the real value of shell.the transaction price. Finally, the thesis studies evaluation of methods of shell resources.According to the principles of assessment method of choice, the choice of evaluation method must be compatible with value types of shell resources.The market value of shell resources is equivalent to all the costs spent on eligible for listing,direct costs include the time of listing costs, sponsorship fees, underwriting fees, valuation fees, legal fees and Internet fees and other issue.Investment value evaluation of shell resource is the focus of the thesis.Traditional evaluation methods have shortcomings, which made the real option pricing, and build BS pricing model, combined with a small case illustrates the BS pricing model to assess the investment value of the use of shell resources.