Evaluation Of Shell Resources Value Of Listed Companies

Listing qualification has always been “special” rights and qualification which listed company in China's securities market enjoyed.A company with this qualification can get monopoly gains.When the listed companies decline to be shell companies because of poor management or various reasons,the company will lose the advantages of financing and investment value.However,when the shell is re-used by the non-listed company which is operating well or has financing needs,it will bring huge benefits to users.Taking into account the cost of Initial Public Offerings,including time and the high cost of distribution and the corresponding policy restrictions,more and more non-listed companies want to complete their own enterprises through the backdoor indirect listing,which led to investors in the pursuit of shell resources and media speculation.As the result of the development of China's securities market is not perfect and the numbers of shell companies are scarce,the fairness of shell resource pricing and transaction has been open to question.Since the beginning of 2013,the state has introduced such as the backdoor listing standardization,delisting system and other related policies trying to regulate shell resources listing procedures and transaction prices,but due to the chasing market and capital speculation,there are still a lot of time arbitrage and regulatory arbitrage in shell resource market,Especially before the backdoor listing,the existence of asymmetric information makes the investors may only have a potential psychological expectation but can not assess the value of shell resources effectively.With the audit speed of Initial Public Offerings gradually accelerated in 2016,shell resource market speculation sentiment has been cooled,most investors' attitude change from the pursuit of shell resources to wait and see,shell resources' market value need to be re-evaluated.Therefore,how to re-pricing the shell resources in combination with the changes of current environment is of great theoretical and practical significance to provide a valuable reference for backdoor pre-listing backdoor.Based on the analysis of domestic and international literatures,this paper combs the value of shell resources and the methods and influencing factors of listed companies' shell resources.After that,the paper analyzes the value structure of shell resources and option attributes of shell resources and the applicability of the real option pricing model in the shell resource value evaluation,which lays the theoretical foundation for the empirical and case analysis.Secondly,this paper analyzes the difficulties in the current real option pricing model.In this paper,we propose a new method to evaluate the execution price of the real option pricing model,test the real option pricing model in the shell resource and explain the meaning of parameter.In the end,this paper illustrates how the real option pricing model is applied to the valuation of backdoor listing with the ABC backdoor listing case,providing the reference value for the target backdoor listed companies.