Comparison On Evaluation Methods Of Shell Resource Value In The Reverse Merger

In recent years,China's securities market has developed rapidly,many enterprises want to be listed in order to raise funds to promote the expansion and development.Listing shows that the company can get the right to stock circulation and through the bond financing,it is the necessary way to grow the company.Due to the relevant policy restrictions,most companies can not be listed through the IPO,so they have chosen the way of backdoor listing,shell companies have become favorable scarce elements of securities market.However,because of the shortage of shell resources,it results in the value of shell resources rosing higher and higher,and seriously out of their own value.In recent years,China has introduced some new policies such as postponement listing standardization,delisting system formalization,stock issuance registration system,IPO suspension and restart,and it is particularly important to study the value of shell resources as a perspective.Due to the limitations of the traditional methods for the value assessment of shell resources,it is particularly important to evaluate the value of shell resources effectively and fairly.Currently,the definition of shell resources in academy has a broad and narrow sense.Shell resources are listing qualification of listed companies in a narrow sense.Shell resources,in a broad sense,reflect the unification of equity and assets owned by listed companies.Under the premise of studying the existing methods of value assessment of shell resources,the paper have a detailed theoretical model analysis of the scalping method and the income method respectively.Then,a case study is used to analyze the value of Xinhai's limited by using the scalping method and the return method respectively.The differences between the two methods in evaluating the same shell company are compared.Finally,the conclusion is drawn that the scalping method excludes the influence factors of the shell company itself in the assessment of the value of shell resources,and it can more accurately reflect the nature of shell resources.