The Research On The Shell Valuation Of Dingtaixincai

With the deepening of the reform of the split share structure of our country,the system of issuing stock is further improved.Therefore,the financing freedom of the securities market has been greatly improved.Backdoor listing of this financing means can broaden the listing of non-listed company path,so that it has a more simple way out of IPO.In the face of a variety of policy changes,the valuation of shell resources has become more complex.The valuation of shell resources will affect the cost of financing and the growth process of the enterprise,different valuation will bring different results to the enterprise.The purpose of this paper is to use a variety of valuation models and methods for shell resource valuation,the valuation results are compared to select more close to the valuation of the market value of the reference for the backdoor listing.This paper attempts to combine the theory with the case,and compare the methods with the data.This method consists of a variety of common market introduction of various methods of valuation,comparison,dividend discount method and Black-Scholes model,namely the real option model(B-S model)are calculated,and the shell resource value and market valuation valuation after comparing the characteristics and limitations of the model and calculation method,at the same time analysis of the reason theory of valuation and market valuation value deviation,for the future improvement method and reduce the bias,providing more effective information and market management by the great reference for investors.