Listed Companies Real Options Value Based Shell Resource Assessment Studies

With the continuous reform and development of China’s securities market,publishing new system of listed companies delisting and backdoor listingrequirements equal of IPO standards,and so on.Makes the value of Shell Resources isfacing new market environment and many uncertainties under the new policy,makingthe value of the shell resource assessment becomes more complex. If not reasonablyestimate the value of shell resources, you can not provide effective help for theenterprise backdoor listing.Therefore,it would affect the future development ofenterprises,and more seriously may affect of mergers and acquisitions,and evennational economic development.The purpose of this paper is how to assess thereasonable value of shell resources in the new situation,and then to provide areference for the enterprise backdoor listing and provide a reference for nationalpolicies proposed.This paper attempts to combine theory and case analysis method tosolve this problem.Firstly, analyzed the value of shell resources with the theory of economic.Weknowed that common causes of the value of shell resources were scarce andprofitability.The special causes of the value of shell resources were less of financingchannels and the special of stock issuing system,which leads to the institutionalbackground of insufficient supply of shell resources.Then further analysed of thesource of value and point to the value have objectivity and long term existence.Thisstudy has laid a realistic and long-term significance.It also a reference for discussedthe changes of the value of the shell resource in the future.Secondly, through the analysis of the limitations of traditional assessmentmethods in the evaluation of shell resources.Introducing real option valuation methodfor the evaluation of shell resources. With understanding the concept andcharacteristics of real options and the analysis of the shell resources,we knowed theshell had option feature.The paper construction of the Black-Scholes pricing model toassess shell resources under the real options method.We also explained variable of the model in detail combined with the actual.Finally, illustrated a real case for explained the Black-Scholes pricing modelusing in Shell Resources assessment.Through the conclusion of the analysis alsoproved this pricing model was very useful under the new policy.