Research On The Premium Of China Mainland's Companies Purchasing Listed Shell Company On The Hong Kong Stock Market

In recent years, listing abroad is gradually being a countrywide trend. Many mainland's'companies are searching for the way to be listing on Hong Kong Stock market. This thesis is about the research of mainland's companies purchasing listed shell companies in Hong Kong.Firstly, this dissertation studies on the theory of mainland's companies listing on Hong Kong Stock Market. Then the second chapter does the research on the exchange price of Shell Company. The exchange price of Shell Company includes two parts: one is the value of Shell Company; the other is the premium of merger and acquisition. This part fixes the value of Shell Company though the estimating methods of corporation value.Secondly, there are two chapters of econometrics analysis, one is on the HK stock market, and the other is on the mainland's stock market. On the HK stock market, it verifies and analyzes the premium between six financial indexes, and gets the conclusion that the purchasing companies only care qualification of listing on HK stock market; they don't care about the shell company. On the mainland's stock market, it verifies and analyzes the premium between four financial indexes, and has found the linear correlation between premium and capital asset what is an important difference of HK market.Finally, the paper has convinced that the companies which are purchasing listed shells on HK market need the listing qualifications more than shells, and would like to pay for the premium of merger and acquisition.