Research On The Pricing Factors Of “shell Companies” In The Backdoor Listing

In a narrow sense,Company listing is Initial Public Offering.In order to raise the funds needed for the enterprise development,Enterprise issue shares to investors through the stock exchange publicly for the first time,IPO refers to the process.Listed enterprise can obtain many development advantages,such as expand the financing channels,value maximization,facilitate the circulationliquid,attract talent,advertising effect,scale,etc.The system construction and the continuous development of the overall capacity of our securities market for nearly 30 years,China's securities market has become an important platform of optimal allocation of resources in our country.However,by strict conditions of the IPO,whether the previous examination and approval system,or the approval system that will continue to practice for a period of time.It's a very difficult channel to get the qualification of the listing through IPO.Under the condition of long time's Channel off of IPO,queue number of enterprises stay at a high level."Shell resource" has been sought after by the capital market for all the time,because of its purchase cost is lower than the IPO,and more policy operability.Through the back-door listing is also the focus of the capital market.Enterprises backdoor listing,not only need to consider the actual cost of inputs in the process of backdoor listing,but also need to comprehensive evaluation of public offering cost and policy factors,in order to choose a reasonable way of backdoor listing.It's a very complicated problem to determine the price of shell resource.In the aspects of theory and practice does not exist a unified conclusion.Starting from the complete reform of non-tradable shares,our country securities market has basically in line with the international market.Stock market scale ranked second in the world.Created the necessary premise for us to research the shell resource cost pricing problem.This article combs the development process of merger,acquisition and reorganization of the stock market in our country,analyses the backdoor listing of the cases in nearly a decade.Let the readers know exactly about the influence factors of "shell resource" price through the representative backdoor listings case foranalysis.Try hard to provide a more reasonable and appropriate pricing method for the shell company of the buyer and the seller.Through the concept of "shell resource price range".