The Design Of The Shell Resource Selection System In China's Securities Market

Under the background of accelerating global economic recovery and integration,companies are eager to raise money from capital markets in order to give full play to their vitality.The backdoor listing is an important means of capital adequacy and strategic development of enterprises,one of the key factors for the success of enterprise shell loan listing is to select the appropriate shell resources and select the target company that matches itself.Therefore,it is of great theoretical and practical significance to study the characteristic identification and prediction of shell resource enterprises.This paper makes a comprehensive analysis of the theories related to the feature identification of the shell target enterprise and the characteristic model of the shell target enterprise,after that,combine the system of China's capital market and the case of the backdoor listing in China in recent years.According to the theory of efficiency theory,undervaluation theory and merger cost theory,the corresponding scheme design theory frame is put forward,find out the characteristics of shell resource match merger motivation theory.This paper is selected from the August 2011 CSRC release of the new rules of the backdoor listing to June 2017.As the target sample of the company in China's securities market,the sample company is determined to be 113,in addition,113 of the listed companies in the same industry listed in the same time scale were selected as control samples,a total of 226 samples.By m&a motivation theory to select 15 financial indicators and non-financial indicators to measure 11 covers on behalf of the company financial leverage,operating performance,the enterprise value,enterprise scale,equity structure,growth,power,efficiency of management in seven aspects.In the process of scheme design,the 2011-2015 have the shell company and control samples(176)as the predicted sample,the 2016-June 2017 have the shell company and control samples(a total of 50)as the test sample.In this paper,descriptive statistical analysis,factor analysis and Logistic regression model are used to design the scheme.And according to the above analysis method established by the enterprise financial and non-financial characteristics as explanatory variables of shell resource selection model,a combination of financial indicators and non-financial indicators comprehensive prediction model to predict the sample prediction accuracy reached 76%,at the same time this paper also USES financial indicators alone do design model,financial index model prediction success rate of 68%,thus verified the shell resource selection system comprehensive financial indicators and non-financial indicators rationality and reliability of the design.In this paper,the study found that the a-share market in our country at present stage shell resource mostly low profitability,operation ability,small scale,low management level,characteristics of ownership structure is relatively decentralized,and the financial indicators and non-financial indicators of comprehensive model of the shell resource selection system plan prediction success rate higher than that of financial index model prediction success rate.So company when choosing target enterprise should combine financial indicators and non-financial indicators,choose low profitability,low capacity,small scale,low management level,equity structure is relatively decentralized listed company as a shell,by this way can effectively improve the success rate of backdoor listing.