Study On Premium Of Purchasing Listed Shell Company In China

Phenomenon of purchasing listed shell company is the inevitable accompaniment in all countries'stock market. According to the statistics, the majority M&A and reorganization of listed company in our country is relevant to buying the shell. In our country purchasing listed shell company has got the special China features. This primarily is because of the share ownership construction of our country's stock market. Shares of listed company in our country are divided into State-owned shares, restricted institutional shares and social-public shares according to the different holder body. The State-owned shares and restricted institutional shares which can't be exchanged in the secondary class market and called nonemarketable shares. The social-public shares can be exchanged in the secondary class market and called marketable shares. About two thirds of total shares issued by listed companies in our country's stock market are nonemarketable shares, and great majority of them is state-owned share. Due to the fact of the great majority of shares is nonemarketable, the most important way to purchase shell listed company until now is to buy State-owned shares and restricted institutional shares by agreement transfer; Due to the fact of the great majority of shares is stated-owned, the transfer price of share is restricted by national policy in china.《The suggestion of reform work of the state-owned enterprise system》said, transfer price concerning the state-owned listed company should not be lower than the company's net capital value per each share , the price should be reasonable according to the company's profit ability and the list price in market. Different from foreign stock market, calculation of M&A premium price theoretically is based on the company's net capital value per each share.According to the above special features, this dissertation selects 64 companies as example from the case of purchasing listed shell company between 1997 - 2003 in our country, and proceeds the in-depth study on the premium price. At first this dissertation analyzes possible influence of the national policy to premium price (external factor), and then analyzes possible influence of purchasing listed shell motive to premium price (internal factor). Because whatever factors of premium price firstly produces influence on cost and income, this dissertation analyzes the cost and income from the angle of shell-buyer. Firstly some important index relating to the cost and income that can be measured are chosen out, then the correlation between these index and the premium price are theoretically analyzed and some assumptions are brought out at last. Using the software SPSS11.5 to proceed examination, a relatedconclusion has reached. In order to regulate the behavior of purchasing listed shell company. This dissertation finally bring up some suggestion to the policy and make some prediction to the premium of purchasing listed shell company.