Research On The Evaluation Of The Value Of The Shell Resources In The Backdoor Listing

At present,the domestic and foreign capital markets are increasingly active.The traditional IPO threshold is high and the queue time is long.Backdoor listing is undoubtedly a relatively convenient financing method.Since the eligibility of listing is characterized by profitability and scarcity just like economic resources,so-called "shell resources" and "shell resource transactions" are formed.With the continuous reform and development of China’s securities market,the introduction of new policies involving the listing of backdoor listing conditions and the IPO standard has increased the standard for backdoor listing and also weakened the speculative value of the listing qualification.This will make shell resource trading more rational and gradually return its value.Faced with the many uncertainties under the new policy,how to properly evaluate the value of shell resources under the new environment is very important.Therefore,this paper mainly evaluates the value of shell resources in the backdoor listing,and concludes that the conditions behind the backdoor listing are a hidden condition.It provides a reference for the backdoor listing of the express delivery industry and provides references for backdoor listing of other industries.Firstly,based on the theoretical basis of the value of shell resources,this article defines the two concepts of shell company and shell resources,shell company value and shell resource value,and elaborates the formation of shell resource value.The source of value of shell resources is explained from three aspects: low-cost financing advantages,brand promotion,and policy advantages.Secondly,the paper studies the method of pricing shell resources value.Based on the perspective of borrowers,the Black-Scholes model is introduced to evaluate the value of shell resources.Based on the perspective of shell companies,the paper uses the pricing model of circulation rights to study the value of shell resources.Therefore,the evaluation models of shell resource value based on the perspective of the borrower and the shell company are constructed respectively,and the paramet er variables of the model are explained to further illustrate the application of the two pricing models in shell resource value evaluation.Thirdly,the thesis analyzes the case of Yuantong’s backdoor listing,Dayang Creation.Based on the previous theoretical analysis,the Black-Scholes model and the circulation rights pricing model were used to quantitatively evaluate the value of shell resources.The value of the shell resource based on the perspective of the borrower was 626 million yuan,and the value of the shell resource based on the perspective of the shell company was 5.07.Billion;and verified the applicability of the pricing model of circulation rights.Then one of the conditions implied by the success of the backdoor listing was concluded: the value of the shell resource based on the perspective of the borrower A> the value of the shell resource B based on the perspective of the shell company.Finally,the paper uses a large sample to test the condition A>B that is implicitly hidden in the backdoor.The article selected 50 cases as samples,obtained the value of the shell resources from the corresponding perspective of both parties,and obtained 42 cases to satisfy the conditions.Again,using the sample mean T-test,it is found that A is significantly greater than B.One of the conditions implied by the success of the backdoor listing was verified: the value of the shell resource based on the borrower’s perspective and the value of the shell resource based on the shell company’s perspective.