The Research On Pricing And Influencing Factors Of Shell Companies In Capital Market

The number of listed companies in China has been increased year by year. Companies list in market means they have the qualification to get cash and equity trading quickly, and which is the necessary way to become bigger and stronger. Because of the limits of policy, it is difficult for many companies to become listed through the IPO method. So companies usually combine shell companies to achieve the purpose of being listed indirectly. Naturally shell companies have become a series of popular resources in market. Since2013, a great deal of new states has been issued, such as the delisting system of standardization, standardization of backdoor listings, the listed company registration system, the price of shell companies resource has been affected. If our research remains in the past, we cannot explain the phenomenon of reality. It’s such an important significance to have a research on the price of shell companies under the new policy environment.This paper use comprehensive application of various methods to research the price of shell companies, such as the method of literature analysis, the method of mathematic statistics, the method of econometrics, the method of combination theory and demonstration. Firstly, the author had a detailed introduction on the malpractice of three traditional assessment methods in evaluating shell companies and put forward a new idea of real option model at the theoretical level. Secondly, after taken the consideration on the new policy factors, the author had a correction on the real option model to give the qualitative analysis in theory. Then, at the new policy issued for dividing point, based on51back-door multiple regression analysis of the samples of listed companies, it is concluded that the new quantitative conclusion of the impact of the price of shell companies. The conclusion is that, new policy really has a great influence on the price of shell companies. The implementation of the influence factors of the pricing of shell companies after the new policy turns from market price per share and net assets per share to liquidity ratio and weighted return on net assets. At the end of the paper, the author gave a conclusion and hope. Through the thorough study of the pricing problems of shell companies, the author hoped this paper can be useful to shell company traders of the securities market and also can provide a new research idea to researchers in this aspect.