上市公司壳资源价值研究

【作者】 彭伟；

【导师】 游达明；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 证券市场为上市公司提供了巨大的融资优势以及并购重组等方面的操作便利，这使得我国众多的企业都渴望通过上市敲开证券市场的大门。同时，上市公司作为地方经济的支柱，在政策上享受一系列优惠措施，而政府为了稳定市场又牢牢控制着上市的审查权，在此背景下，上市资格成为一种稀缺资源——壳资源。如何评价壳资源价值已经成为目前理论界讨论的焦点问题，本文研究主要就是集中在这个问题上。 本文在界定壳资源的概念的基础上，分析了壳资源产生的原因，从中找到上市公司壳资源价值产生的一般原因和特殊原因，由此得出壳的本质是制度变迁的产物这一结论，并指出了壳资源的价值源泉，为今后解释壳资源价值的变动提供参考；然后，分析了传统资产评估方法在评估壳资源价值中的局限性后，运用实物期权思想构建上市公司壳资源的定价模型；最后运用最小二乘法，对壳资源交易价格的影响因素进行实证研究。更多还原

【Abstract】 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).更多还原