我国买壳上市中“壳资源”的定价研究(4)

STUDY ON PRICING OF BACK-DOOR LISTING

RESOURCE IN CHINA

ABSTRACT

Securities market offers financing and M&A convenience for listed companies, which attracts thousands of Chinese enterprises to become listed company by means of Initial Public Offering (IPO). However, due to the policy restrictions and strict requirement of IPO, being a listed company by back-door listing becomes the most effective way for lots of companies. Under such circumstances, shell company becomes a scarce resource - shell resource.

It is a very complex issue to ascertain the price of shell resource. Although many theoretical workers have conducted a lot of research, we still can’t get a conclusion which can be wildly recognized. In this thesis, we first redefine the related concepts such as back-door listing, shell company，shell resource. Then ascertain the price range based on the analysis of the motivation and cost-benefit of both sides in the back-door listing. Further, based on empirical study, the external and internal factors which affect the shell resource prices are also discussed. Finally, we conclude that the floor of shell resource prices is the seller's cost and the cap is the buyer's benefits, and in this range, shell resource prices can be significantly influenced by the size of shell company, stock transfer proportion and price to book value ratio.

The contributions of this paper are: (1)Redefine back-door listing, distinguishing it from other mergers and acquisitions of listed companies

(2)Redefine the price of shell resource, taking injected high-quality asset which belong to other shareholders as part of the shell price (3) Ascertain the range of shell prices. (4) Ascertain influencing factors of the actual price