| With the continuous advance of China's market economy, the competition between enterprises has been from a single production and sales areas, and gradually expanded to become the capital area of competition. Statistics show that since December 1990 and July 1991 with the Shenzhen Stock Exchange Shanghai Stock Exchange have been formally established, registered in China in the Stock Exchange-listed company has more than 2000. Traded through the issuance of shares and the way to a large number of listed companies to raise funds for the expansion of its production scale, enhance product research and development, the introduction of high-tech equipment, optimize product structure, product structure to achieve optimal diversification and enterprise systems in areas such as greatly enhancing the enterprise competitiveness in the market after the listing. In achieving their own economic interests, but also further promote the optimal allocation of social resources, and enhance the intermediation function of financial markets, and promote China's rapid economic and healthy development.However, since the days of reform and opening up soon, still in the primary stage of socialism and the development of open financial markets are still in the exploratory stage, the constraints and the relevant laws and regulations regulate the securities market and related system, is not perfect, in the financial markets parties is not yet mature, there are more market risk management is not standardized, serious psychological and even fraud and other speculative behavior. Therefore, these features for China's securities market, China's current public offering of enterprises eligible to take the approval system. Approval system that is the substance of the so-called management principles, is the approval system in accordance with the requirements of the issuer, the stock market in our securities issued by listed companies not only to the true state of the fully open condition, and must comply with the securities regulatory authorities in formulating and for release on the implementation of a number of substantive conditions. Eligible issuer, the securities regulatory authorities for approval to issue in order to obtain qualifications, issuance of securities in the stock market. The purpose of this system is to prohibit the poor quality of public offering of securities. Therefore, enterprises get listed in our country there is a certain threshold of eligibility. Therefore wish to acquire qualified enterprises listed on the listed companies through mergers and acquisitions to achieve reverse merger public shell the way to achieve the purpose of listing.Market behavior as a backdoor listing, which may bring two results occur, or only the interests of buyers and sellers on the basis of the existing re-distribution, either through market transactions that realize the value of value. This tends to the latter, that buyers and sellers through the listing process shell transactions of the listed company's assets and regrouping of Shell Resources, in order to achieve the added value of Shell Resources.This will be the king of food Jinde shell development is listed on the West case, for example, by estimating the shell before the shell company listed on Kinder and the shell of Shell Resources Development of the West King of food after the listing of Shell Resources, and may be compared Shell Resources is a value-added, value-added analysis of the reasons for its occurrence conclusion.Significance of this research is to add value through the calculation of Shell Resources, analyzes the reasons for the shell resource value added, for the backdoor listing the securities regulatory departments in the evaluation provide the basis for the intrinsic value of actions, securities regulators weigh the pros and cons of behavior listed shell reference.This article is divided into seven parts, the main structure is as follows:Partâ… :Introduction. Introduced and explained the background of this writing, significance, structure, arrangement and research methods.Partâ…¡:A Survey. The part of the shell listed separately and shell resource value of the literature review and organize, through the previous analysis and evaluation of the theory proposed listing of this shell, and shell resources on understanding of the value.Partâ…¢:Theoretical Analysis of backdoor listing. Backdoor listing on the concept, methods, selection principles, processes, and motivation were analyzed.Partâ…£:Theoretical Analysis of Shell Resources. Calculation of Shell Resources in the key concepts involved and the relevant laws and regulations related to interpretation; analyze the composition of the shell resource value will be broad and narrow shell resources of Shell Resources has defined the value and reached a broad shell resource value of the estimation method.Partâ…¤:Case overview Jinde development. Backdoor listing on the development of case Jinde basic situation, the basic program are introduced.Partâ…¥:Jinde development of value-added analysis of Shell Resources. Backdoor listing through the shell resource value before and after the measurement, analysis of case value of Shell Resources has occurred, and analyzing the problem.Partâ…¦:Conclusion. Conducted for this paper, the results of case study conclusions summarized in this article, this study also pointed out the limitations that exist.In this paper, the development of case studies Jinde obtained through the backdoor listing of Shell Resources to process a significant added value. Analysis of the reasons is:(1) high-quality assets in the asset size, assets, profitability, management's business decision-making capacity, financial structure, the company's growth are relatively strong and so convenient, resulting in control of listed companies increased premiums, which led to Shell Resources Listing improved.(2) The calculation formula of Shell Resources shell value of the company measured by market value obtained, as listed shell company after the listing of the sale do not have the original shell shell resources of intrinsic motivation, so the market value may contain anti-takeover premium, the performance of listed companies for the overestimation of control premium, so the shell resource value will be overestimated.(3) to the total share capital of the smaller listed companies, shell after the listing of the total share capital of listed companies to increase their ability to increase assets to accommodate the shell resource, leading to enhance the value of shell resource.This study contributes to:(1) in the shell value of the company listed in the control of the company to join the premium.(2) to clarify and distinguish between the shell resource value, the control premium of listed companies and the narrow definition of shell resource value and the value of the generalized shell resources.(3) the development of case studies drawn Jinde shell cases add value after the listing status of Shell Resources.(4) after the listing of case studies drawn shell causes the shell resource value added.Limitations of this study are:(1) Shell Resources used in this paper, the concept of the value of the generalized shell resources, including the control premium of listed companies and narrow shell resource value in the calculation of which failed to separate the two. Therefore, this paper estimates the added value of Shell Resources is essentially due to Shell Resources of Shell Resources in the assets of listed companies to re-create the same combination of shares of listed companies corresponding to control premium increases.(2) of the shell remains as a listed company after the listing of a broad shell company, shell resource value using the estimation formula to estimate the value of shell resources, the estimates may be more than strictly a certain shell companies errors. |
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