| Securities market offers listed companies tremendous financing advantages as well as convenience for M&A and recombination, which attributes to the fact that Chinese enterprises are desirous for entering Securities market by means of IPO. Meanwhile, listed companies, as the pillar of the local economy, enjoy a series of preferential policies while the government controls the rights of examination and inspection of IPO. Under such circumstances, listed qualification becomes a scarce resource -shell resource. This paper focuses on how to evaluate the value of shell resource, which theorists debate drastically.Firstly, proceeding from the delimitation of shell resource, the paper finds the general and special reasons of its value by means of analyzing the emergence of this resource, which leads to the conclusion that shell is the result of Institutional Change. Additionally, it points out the value source of shell resource for the reference of future studies on its fluctuation. Secondly, after analyzing limitation of traditional asset evaluation methods which are used to evaluate shell resource value, the paper adopts the idea of real option to establish the pricing model for the shell resource of listed companies. Finally, the thesis carries out an empirical research on influential factors of its exchange price by means of ordinary least squares (OLS). |
