反向并购下壳资源价值评估——基于借壳方收益视角的研究

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1、万方数据ABSTRACTChina'ssecuritiesmarketdevelopedveryquickly．Moreandmorecompanywanttoappearonthemarketforthattheyneedmorefundsundertheirrapidexpansion．Averyefficientway—ReverseMergergetmoreattentiononthewaytogetlisted．Butwhenmoreandmorecompanywanttomakeanreversemergethevalueofthes

2、hellrecoursebecomemoreandmoreexpensive，farawayfromits’truevalue．Inthisbackground110wtomeasurethevalueoftheshellresourcesattractalotofresearch．111ereversemergebelongstothescopeofmergerandacquisition．Sothevalueoftheshellrecoursebelongstothescopeofenterprisevalueassessment．Tllis

3、paperresearchthemethodofenterprisevalueassessment,foundtllatthetraditionalvaluationmethodislimitationwhenitWasusedinthevaluationoftheshellresources，forthatitCan’tdescriptthefeaturethattheshellresourcesisrepresentthefighttof'mancingonthemarket．Bypointouttheweaknessofthetraditi

4、onalvaluation，weconstructedawaytomeasuretheshellrecoursevaluebasedontheperspectiveofshellacquire．Inthisway,wedividedtheearningofshellacquiretothreepoi心includethevalueoftradableri龇thevaluefromthecompanybecomepubliclylisted，thevalueofthetaxincentiveswhenthecompanybecomepublicly

5、listed．ByanalysistheearningoftheshellacquirewesummedallofthevaluethattheshellacquireCallearningfromthereversemerge．Thenwetreatthisvalueastheshellrecourse’Svalue．ThenweusedourmethodsinatruecaseoftheShanXiNaturalGasCompany,analysisalloftheearningsofthecompany’Sshareholder．Atlas

6、twefoundthatcomparetotheothervaluationmethod，thewaybasedonshellacquireeamingcanbemorefitfortheshell，whenwedefmitiontheshellasarightoffinancing．Besidethatthemethodbasedonacquireearningismoreclosedtotheconceptofrevenueoutlook．Andinthisway,wecanfirstputthemethodofvaluationofthes

7、hellrecourseinpractice．KEYWo础DS：ReverseMerger；shellrecourse；ListingEligibility；RevenueOutlookCI．ASSNO：F230万方数据目录中文摘要⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．iiiABSTRACT．．．．．．．．．．．．．．．．．．．．⋯．⋯⋯．．．．．．．．．．．．．．．．．．．．．．．⋯．．．．．．．．．．．⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯iv1引’言⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．11．1

8、研究背景⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯～11．2研究目的与意义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯。21．2．1研究