Research On The Factors Affecting Domestic Shell Companies Value

Securities market of China through continuous development and improvement has become an important platform for optimal allocation of resources, the listing companies enter the securities market can not only get a low-cost financing platform sustained, but also to enjoy a series of preferential policies and enhance their visibility and thus get broad development. But by the impact of domestic stock issuance background and the cost-benefit principle system, Listing Eligibility is essentially a scarcity and profitability of both shell resources, mergers and acquisitions makes many non-listed companies that eager to enter the stock market through the acquisition of shell companies and gain control over the means to achieve the indirect market, shell resources to some extent to achieve optimal allocation.Based on the current domestic stock market and the special background of the rise of the big wave of mergers and acquisitions environment, research status and control market theory expounded on the basis of the nature and use of resources value respectively, from the perspective of the parties of the transaction it analysis the composition of value. And according to a detailed analysis of the costs and benefits affect the value of M&A transactions shell resource characteristics from inherent characteristics of shell resources. Finally, the empirical research studies have found the target listed company trading mostly equity, and asset size are smaller and poor shell companies, while strategic alliances with industry M&A transactions rarely, to some extent, non-listed companies prove motive exists, the conclusion also found shell resources of the equity ownership concentration and the size and resources value negative related to the proportion of the equity transfer, net assets per share has a positive effect for the resources value, this study proves that hypothesis, although the proportion of tradable shares significantly correlated, but with the circulation era, the proportion of tradable shares resources value factor for the impact will cease to exist, the last article based on the stock issuance system, government oversight and administrative intervention and other aspects of the use of shell resources made some policy recommendations.