Study On Value Evaluation Of Shell Resource Under Registration System

With the continuous development of the securities market,more and more companies are seeking to go public.Listing will enable the company to obtain the qualification of rapid financing,raise funds,and meet the needs of the continuous development and expansion.At present,China is in the process of the reform of the registration system,the registration system has not been fully implemented and the advantages of the backdoor listing still exist.Under this situation,the speed of IPO audit has been improved compared with the previous.In addition,the value of shell resources is affected by registration reform to some extent.By which way the company is listed,the company should weigh the cost of the IPO and the shell resources to make the best choice for the development of the enterprise.Therefore,it is particularly important to explore the scientific assessment methods of shell resources value and evaluate the transaction value of shell resources reasonably.Firstly,this dissertation summarizes the related literature and theories of shell resources,analyses the influence of the reform of the registration system on the value of shell resources,the source of shell resources value,influencing factors and value types.Secondly,this dissertation expounds several methods of the value evaluation,and introduces the calculation of shell resources value from the perspective of the borrower in detail.Finally,combining the case of 360 backdoor Jiangnan Jiajie,apply the value assessment method proposed in this dissertation.When calculating the value of shell resources,this dissertation divides it into three parts,that is,the value of the circulation right obtained through the listing of the shell,the increase of the income obtained by the company on the market,and the tax revenue reduced by the listing.The sum of value these parts separately is the value of shell resources.The methods used in this dissertation include literature review,comparative analysis and case analysis.The content of this dissertation is divided into six chapters: The first chapter is the introduction,which mainly describes the background and significance of this dissertation,the related literature review of shell resources,and the contents and research methods of the dissertation;The second chapter analyses the theory of shell resources,including the concept,the source,and the influence factors of shell resource value and the value type;The third chapter analyses the influence of the registration system on the value of the shell resources,including the background of the reform of the registration system,the connotation and characteristics of the registration system and the value of the shell resources under the background of registration system;The fourth chapter study the value assessment methods of shell resource,this chapter analyzes several value evaluation methods,and then introduce the method of evaluating shell resources based on the perspective of the borrower.The fifth chapter analyzes the case of 360 backdoor Jiangnan Jiajie,study the composition of the shell resource value from the perspective of the borrower.The sixth chapter summarizes the main contents of this dissertation,points out the deficiencies in the writing,and forecasts the evaluation of shell resources under the background of the reform of the registration system reform.