买壳上市“壳”的价值分析

An Analysis on the Value of "Shell" in Buying a "Shell" to Go on the Stock Market

自中国证券市场诞生以来,许多公司通过资本市场获得了巨大的发展,但也有相当数量的上市公司由于产业定位或经营管理方面的原因,失去了发展的能力和投资价值,从而沦为被其他上市公司并购或非上市公司买壳上市的"壳资源"公司。本文主要从买壳方的角度出发,把买壳上市作为一种多层次的兼并收购和利益追求行为,分层次地讨论公司的价值,以"壳"的价值为研究终点和重点,为探索合适并具有操作性的壳的定价提供理论依据。

Since the securities market of China comes into being, many corporations have made great development through the capital market. However, a certain number of listed companies lose the ability of development and the value of investment, due to the wrong industry positioning or operation and management. Then these companies have been merged by other listed companies or become the “shell recourses” company of the non-listed ones. From the perspective of shell-buyer, the essay systematically discusses the shell companies＇ value from different levels, and analyzes value of shell recourses, hoping to find proper and feasible theoretical basis for priea-setting.