The Study Of Influence Factors On Shell Companies' Value

The shell company refered to in this article refers to the backdoor listing process has been completed,has become a non-listed companies backdoor object of the listed company.And did not complete the backdoor listing process,can only be said to be a shell resource or potential shell company.Based on the study of the value of the shell company,we can fully consider the characteristics of the shell company,through access to literature and research methods to find the impact of the value of the shell companies.According to the characteristics of the factors,the characteristics of these factors are divided into external factors and internal factors,and through a certain statistical method of the shell company's value of the factors of empirical analysis,these methods include:principal component analysis,independent sample T test,Single factor analysis of variance,correlation analysis,regression analysis,and finally find out the main factors affecting the value of shell companies and the impact of various factors.The research found that:(1)The factors that affect the value of the shell company are mainly per share of net assets,whether the state-owned enterprises,the largest shareholder of the proportion of shares,which is the largest impact on state-owned enterprises,followed by the largest shareholder of the shares Proportion,and finally net assets per share.In terms of the direction of change,the share of the net assets per share,the shareholding of the largest shareholder and the value of the shell company are in the positive direction,the value of the state-owned company is lower:the higher the net assets per share,the sellers are available after the reorganization Assets are relatively more,net assets is also an important basis for transaction pricing;state-owned enterprises shell company's low value is because in order to avoid the loss of state-owned assets,backdoor side in the backdoor is usually subject to a lot of restrictions,the future backdoor success The financing process may be subject to greater supervision and demand,the demand is relatively small;the proportion of the largest shareholder holdings,the borrower side of the communication costs will decline,and once won the support of major shareholders,the follow-up M&Will be more smooth,all this will lead to more backdoor side selection of such shell companies,the demand will improve the value of the improvement.In addition,by the impact of net assets per share,the audit opinion will indirectly affect the value of the shell company.(2)GDP,changes in the original financing channels,expansion of financing channels,backdoor regulatory policy,market index,whether the company is ST company,the proportion of outstanding shares,asset-liability ratio,cash ratio,net assets yield The impact is not significant.From the demand point of view,the original financing channels,the expansion of financing channels,backdoor regulatory policy,the broader market index on the value of the shell company is less affected because the listing is conducive to the shell company to better integrate capital,so non-listed companies regardless of How these conditions change,or will be willing to choose backdoor listing.And the proportion of outstanding shares is not the same,non-listed companies in the backdoor can choose to increase the stock way to eliminate this effect,the cash ratio on the shell company value is not significant because the shell company will usually listed the company's original assets Set out.From the perspective of the characteristics of the company,the impact of asset-liability ratio and return on net assets on the value of shell companies is not likely to be due to the small differences between shell companies.From the supply point of view,whether the shell company is ST is not significantly affected because of our current system constraints,ST company for the backdoor demand is not very strong,it can be through other means to introduce high-quality assets.