| 2008 is the year of economic recession, American financial crisis is spreading to the entity economy. China's economy is the global economic weakness, it's real estate market bubble nearly ruptured, And on May 30, 2007, the ministry of finance adjust stamp duty from 1‰to 3‰, from the time of year, the stock market fell to 6000 points below 2000, China's stock market has started Long bear. During this time, many companies listed in break soon, market financing function nearly lost. According to the "daily news" rough statistics, since this year, has 15 enterprises to securities regulatory successively put forward the plan for the cancellation of IPO. In order to stabilize markets, the CSRC once not approve IPO companies. In this case, the obvious advantage of reverse acquisition gradually appears.Reverse mergers taking, also known as borrowing or buying the shell for listing, it is a way of going public indirectly. The shell resource is a company which has listing qualification and can normal operate. With the developing of China's capital market, China Securities Regulatory Commission controls the rights of IPO much more seriously. So the reverse mergers taking become a convenient way for the company which has a good prospect but has no right to listing.On the basis of previous researches about the motivation of reverse mergers taking, pricing mechanism, influence factors of shell resources price, the authors put forward her understanding of reverse mergers taking and method of pricing. In chapter 3, I will horizontal comparison with several methods of financing - Bank loans, private placement, securitization, off-balance-sheet financing and IPO, in order to further analysis the necessity of reverse mergers taking.In pricing strategies, I analyzed respectively the cost and the benefit of the acquirer and the acquiree, and use the Black-Scholes Model and price-earnings ratio model to price the shell resource. |
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