A Study On The Estimation Of The Shell Resources Of State-owned Enterprises Based On The Real Option Method

With the gradual perfection of the delisting system and the successive introduction of new policies for the restructuring of the housing market,the market environment of China's shell resources has undergone tremendous changes.Affected by state-owned enterprise reforms and supply-side reforms,some state-owned listed companies with sluggish performance have taken actions and actively participated in the shell resource trading market.The importance of shell resource valuations has become increasingly prominent.The main purpose of this paper is to explore how to reasonably evaluate the value of state-owned enterprises' shell resources in a new environment and provide a reference for companies to backdoor listing.First of all,from the actual background of the valuation of state-owned enterprises' shell resources,this paper separately expounds the two major issues of the state-owned enterprises' shell resource transaction motivation and the state-owned enterprise shell resource development trend.Second,given the limitations of traditional valuation methods in the valuation of shell resources,this paper analyzes the option characteristics of shell resource value,introduces the real option method to evaluate the value of state-owned enterprise shell resources,and makes a reasonable determination of the model parameter variables incombination with the actual situation.Finally,taking Jialin Pharmaceutical's backdoor Tianshan Textile as an example,the real estate option model was used to estimate the value of the state-owned enterprise's shell resource and compare it with the direct listing cost to evaluate the rationality of the assessment results.Through the research of this paper,we can find that the real option model is more in line with the characteristics of state-owned enterprises' shell resources,and is more applicable to the valuation of state-owned enterprises' shell resources.The use of real options can help both parties to develop a reasonable transaction price of state-owned enterprise shell resources and enhance the ability to integrate resources.