Study On Shell Resource Valuation

At present,China's capital market is in a new historical period of vigorous development,and the domestic economy is thriving.With the steady and healthy development of the domestic market economy,the financing needs of Chinese companies have also increased.At the same time,the group of small and medium-sized enterprises in China's existing enterprises accounted for the largest proportion.The existence of a large number of SMEs with poor ability to resist risks has accelerated the survival of the fittest among companies in the market.New businesses have emerged in an endless stream,and the conversion of financing entities in the market has accelerated.There is an upper bound on the size of the capacity of China's securities issue market,which also leads to a considerable amount of time wasted in the queue of companies.In addition,the existence of other companies with no self-discipline spirit makes it less likely that the regulatory authorities will fully liberalize the IPO market.Therefore,the replacement of IPO by backdoor listing becomes the best choice for many companies to be listed.This gives listing qualifications a resource property similar to that of rare metals,resulting in shell resource trading behavior.In the future,with the completion of the delisting system,the promotion of the reform of the IPO listing registration system and the stricter supervision of the backdoor listing,the threshold for the indirect listing of China's backdoor restructuring will gradually increase,and the corresponding shell resource trading behavior will also increase.In reason.As a result,the scarcity of shell resources will be reduced,and the investment properties that they have will also tend to weaken.Therefore,the research goal of this paper is how to achieve a reasonable evaluation of the shell resources in the current domestic market environment,thus providing a certain reference basis for the listed companies to be listed,and providing reference for the implementation of relevant policies by the regulatory agencies.The research method used in this paper is a combination of theoretical and practical cases,and then the research results are finally obtained by defining diversified methods such as interpretation,data quantification,method comparison,and case discussion.This article consists of five parts: Part I,Introduction.The second part is about the theoretical basis of shell resource valuation.This section mainly introduces the main concepts of shell resources and shell companies,and the definition and reasons of backdoor listing.It then analyzes the factors that influence the value of shell resources and the source of shell resources' own value.Then it briefly introduces the traditional three valuation methods and their The inadaptability of the shell resource valuation,the introduction of real options method and the establishment of shell resource valuation model.The third part is an overview of SF Express backdoor listing.This part firstly simplified the basic situation of SF Express backdoor transactions and the contents of the transaction plan,and then briefly analyzed the reasons for the listing of SF Express backdoors.In the fourth part,the analysis of the valuation of Dingtai new material and shell resources.First,the traditional market method is used for valuation,and then the B-S real option model is used for valuation operations and the two results are compared and analyzed.The fifth part is the research conclusions and recommendations.This part mainly summarizes the conclusions obtained in the process of constructing shell resource value evaluation methods,and analyzes the research results appropriately,points out the direction for further research and makes relevant recommendations.There are two main innovations in this paper: First,the recent case study of SFRD's backdoor,Dingtai new material,was adopted as a research case,and the real option method was introduced to provide a reference path for effective processing of shell resource evaluation problems.The second is that the use of real option method is not widely used in China.This paper uses the real option method to estimate the value,and further strengthens the operability of the real option method in related research.