ST公司壳资源价值分析

发布时间：2018-06-02 05:10

本文选题：经济效率 + 期权定价模型　；参考：《安徽财经大学》2013年硕士论文

【摘要】：壳资源具有宣传、融资、政策支持及收购与重组经济优势,买壳上市一直是广大非上市公司所关注话题的中心。在发达国家的证券市场中,买壳上市还能给证券市场上的多家企业带来帕累托改进,起到提高整个社会福利作用,这对我国的借壳上市的行为起到借鉴作用。我国可以通过降低租金和加强市场的作用,淘汰那些希望通过买壳上市得到租金收入的非上市公司,提高整个市场的运行效率。在评估壳公司过程中,应注意外部和内部等多种因素的影响。壳资源的价格和变现能力、净资产收益率、资产负债率的之间是正相关的关系,而与每股净资产之间呈现出反相关的关系。但在股市中,由于壳公司股票的价格一直处在被投资者的追逐状态,使得壳资源价格脱离壳资源的真实价值,极不平稳。传统评估壳资源价值的方法存在着缺少灵活性,所需要的数据不能得到很好的量化等缺点,但改进后的Black-Scholes期权定价模型却克服了这些缺点,它除具有灵活性、投资性等优点,还能有效防范资产重组过程中的风险,限定并能够量化由不确定带来的损失。而且模型中的各因素值能够准确量化,提高了壳资源价值评估的准确性。
[Abstract]:Shell resources have the advantages of propaganda, financing, policy support, acquisition and restructuring of the economy, the shell listing has always been the focus of attention of the majority of non-listed companies. In the stock market of developed countries, the backdoor listing can also bring Pareto improvement to many enterprises in the securities market, and play a role in improving the whole social welfare, which plays a reference role in the behavior of backdoor listing in our country. China can reduce the rent and strengthen the role of the market, eliminate those non-listed companies that want to get rental income through buying shell listing, and improve the operation efficiency of the whole market. In the evaluation of shell companies, attention should be paid to external and internal factors. The price and realizability of shell resources, the rate of return on net assets and the ratio of assets to liabilities are positively correlated, but the relationship between shell resources and net assets per share is inversely correlated. But in the stock market, because the stock price of shell company is always in the state of being pursued by investors, the price of shell resource deviates from the real value of shell resource, which is very unstable. The traditional method of evaluating the value of shell resources has some shortcomings, such as lack of flexibility, and the data needed can not be well quantified. However, the improved Black-Scholes option pricing model overcomes these shortcomings, except for the advantages of flexibility, investment and so on. It can also effectively guard against the risks in the process of asset restructuring and limit and quantify the losses caused by uncertainty. Moreover, the value of each factor in the model can be accurately quantified, which improves the accuracy of value evaluation of shell resources.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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