Research On Shell Resource Pricing Of Listed Companies Based On Fuzzy Real Options

Due to the limitation of the issuance capacity of Chinese primary stock market,the company which is eager to be listed in the near future can’t achieve IPO listing.At the same time,because of the high time cost of queuing and waiting for the listing,it is one of the ways for companies to go public.Therefore,the listing qualification becomes a shell resource and the so-called shell resource transaction concept has emerged.However,in the theoretical community,there is no such thing as standard in terms about how to make reasonable pricing for shell resources.In the case of shelling in the past,due to the unreasonable price of the shell resource listed on the shell,the prices of the parties to the transaction were unfairly,and even cases of failed transaction.Therefore,the study of the shell resource pricing method for listed companies plays an important role in regulating the listing of shells and preventing the phenomenon of shelling.Based on the analysis of the current situation of shell resources,using the backdoor listing of Kangxin New Materials Co.Ltd,we compare cost method(assets approach method),the discounted income method,the market method and the real option method in the pricing of the shell resource.Through the comparison and analysis of the pricing of the shell resource,we found that the real option method under the fuzzy theory evaluation method not only objectively discover the value of the shell resource,but also can be priced from the fuzzy measure uncertainty of shell resources.And we will price the uncertain future earnings.The research conclusion not only expands the application scope of the real options method in the pricing of shell resources,but also can price the cases where the shell resource has multiple uncertainties.Moreover,it is significant in the pricing of shell resources in the backdoor listing of listed companies in China.