Comparison And Application Of Shell Resource Valuation Method In Reverse Merger

With the development of the capital market,the number of listed companies in China is gradually increasing.Enterprises began to use backdoor restructuring to realize capital securitization because of supply-side reform.In reverse takeover,the selection of shell companies and the reasonable evaluation are the key issues.Therefore,the selection of shell resource valuation method is particularly important in reverse acquisition.This thesis introduced the system background and motivation of a reverse takeover,analyzed the advantages and disadvantages of each evaluation method of the shell resource value and concluded the limitations and shortcomings of each methods.Then the thesis put forward that the shell resource value concludes: circulation value,the value of new projects' income increase and the tax saving.This thesis used the method above with the case of SF.Express merged DINGTAI,and take the result of income approach as a comparison.Finally,according to the comparison of the evaluation results of the two methods,it is concluded that the combination of the income approach and the option evaluation method can reflect the income of reverse takeover better.Through theoretical analysis and case study,this thesis summarized the applicable evaluation method of shell resource value,this will provide a preference to future reverse merger.