Research On The Valuation Of Shell Resources In Chinese Stock Market

China's securities industry is still in the stage of rapid development.In order to raise funds in a better way,many enterprises pursue the stock market to promote further development and expansion.Backdoor listing is a very efficient way that get more attention,and it is developing rapidly.In this background,The value of shell resources is increased exponentially and out of practical value.At the same time,the capital market began to pay more attention to how to effectively determine the value of shell resources,how to assess the real value of shell resources in the backdoor listing,which has become an urgent problem that need to solve immediately.Backdoor listing belongs to the cope of merger and acquisition.In the premise of backdoor listing,it is necessary to learn how to evaluate the value of shell resources.At the first,I studied the existing methods of assessing the value of an enterprise and think that the current methods of evaluating the value of enterprises can not be applied to the evaluation of the value of shell resources.Combined with the theory of no arbitrage pricing and assets income,the shell resource valuation model is re established.I takes the listing proceeds as the foundation,which will be divided into three main parts,including circulation real value from the backdoor listing,operating income value and preferential policy value.So the value of shell resources including this three part.According to theparticularity of the Internet industry's development,the realization of the listed backdoor become the effective way to obtain funds,with a typical case of Kai Ying network backdoor Maratea shares to analyze the composition of shell resource value,and then compare the transaction cost of backdoor.Finally,through the comparison of other traditional valuation methods,I summarize from the perspective of the backdoor benefit evaluation model can better reflect the characteristics of listed shell resources and the view of asset returns.I hope that through the relevant theoretical research and practical case analysis,the value of shell resources can guide the practice to some extent.