本文關(guān)鍵詞：基于實(shí)物期權(quán)法的上市公司殼資源價(jià)值評(píng)估研究　出處：《云南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 借殼上市 殼資源價(jià)值 實(shí)物期權(quán)

【摘要】：伴隨我國(guó)證券市場(chǎng)的不斷改革和發(fā)展，上市公司新的退市制度、借殼上市條件與IPO標(biāo)準(zhǔn)等同等新政策的推出，使得我國(guó)殼資源的價(jià)值面臨新的市場(chǎng)環(huán)境，面臨新政策下的諸多不確定性，使得殼資源的價(jià)值評(píng)估變得更加復(fù)雜，若無(wú)法合理的估算殼資源的價(jià)值，則無(wú)法為企業(yè)借殼上市提供有效幫助，輕者影響企業(yè)的未來(lái)發(fā)展，重者影響產(chǎn)業(yè)的并購(gòu)重組，乃至國(guó)家經(jīng)濟(jì)的發(fā)展。本文的研究目的是如何在新環(huán)境下合理的評(píng)估殼資源的價(jià)值，為企業(yè)借殼上市提供參考，為國(guó)家相關(guān)政策的提出提供借鑒。本文試圖從理論與案例結(jié)合的分析方法來(lái)解決這一問(wèn)題。 本文首先從經(jīng)濟(jì)學(xué)上對(duì)殼資源的價(jià)值進(jìn)行分析，分析了殼資源價(jià)值形成的一般原因——?dú)べY源具有稀缺性和收益性，以及我國(guó)殼資源價(jià)值形成的特殊原因——融資渠道單一和股票發(fā)行制度導(dǎo)致殼資源供給不足的制度背景；并且進(jìn)一步分析了殼資源的價(jià)值源泉及殼資源的價(jià)值存在具有客觀性和長(zhǎng)期性。奠定了本文的研究具有現(xiàn)實(shí)意義和長(zhǎng)遠(yuǎn)意義。同時(shí)，也為今后討論殼資源的價(jià)值變動(dòng)提供參考。 其次，文章通過(guò)分析傳統(tǒng)的評(píng)估方法在殼資源價(jià)值評(píng)估中的局限性后，引入實(shí)物期權(quán)法對(duì)殼資源的價(jià)值評(píng)估。其中通過(guò)了解實(shí)物期權(quán)的概念和特征，結(jié)合殼資源價(jià)值的經(jīng)濟(jì)學(xué)分析，分析出殼資源價(jià)值具有的期權(quán)特性，從而構(gòu)建出符合實(shí)物期權(quán)法下的殼資源價(jià)值評(píng)估的布萊克斯科爾斯定價(jià)模型，并結(jié)合實(shí)際對(duì)模型的參數(shù)變量進(jìn)行詳細(xì)說(shuō)明。 最后，，結(jié)合新政策下的案例說(shuō)明布萊克斯科爾斯定價(jià)模型對(duì)上市公司殼資源價(jià)值評(píng)估的實(shí)際應(yīng)用，并通過(guò)對(duì)結(jié)論的分析也證明了此模型在新環(huán)境下對(duì)殼資源價(jià)值評(píng)估具有較大借鑒作用。
[Abstract]:With the continuous reform and development of China's securities market, listed companies in the new delisting system, launched the backdoor listing conditions and the IPO standard is the equivalent of the new policy, the shell resource of our country value are facing new market environment, facing the new policy uncertainty, making the assessment of the value of shell resources is becoming more and more complex, if the estimation of the value of the shell resources are not reasonable, it can not provide effective help for the enterprise backdoor listing, it will influence the future development of enterprises, severe impact on industry mergers and acquisitions, development and national economy. The purpose of this study is to assess how the shell resources in the new environment and reasonable value, provides the reference for the enterprise backdoor listed, to provide reference for the proposed national policy. This paper tries to analyze the method of combination of theory and case to solve the problem.
This paper firstly analyzes the value of shell resources from economics, analyses the general reasons of shell resource value formation: shell resource scarcity and profitability, and the special reasons of shell resources value in China -- the formation of the single channel of financing and stock issuance system leads to insufficient supply of institutional background of shell resources; and further analyzes the value the source and the shell resources of shell resource value has objectivity and long-term. Which has practical significance and long-term significance of the research in this paper. At the same time, but also for the future to discuss the value of shell resources change to provide reference.
Secondly, this article through the limitation of the traditional evaluating methods of analysis in the evaluation of shell resource value after the introduction of real option method to assess the value of shell resources. By understanding the concept and characteristics of real options, combined with the economic analysis of shell resource value, the analysis of the value of the option characteristics of shell resources, in order to build in line with blacks Kors pricing model to assess the value of shell resources under the real option method, and combined with the actual parameters of the model variables in detail.
Finally, combined with the case of the new policy, it illustrates the practical application of Black Scholes pricing model to shell resource value assessment of listed companies, and by analyzing the conclusion, it proves that this model has great reference value for shell resource value evaluation under new environment.

【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F276.6;F275;F832.51

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