本文選題：經(jīng)濟(jì)效率 + 期權(quán)定價模型��； 參考：《安徽財經(jīng)大學(xué)》2013年碩士論文

【摘要】：殼資源具有宣傳、融資、政策支持及收購與重組經(jīng)濟(jì)優(yōu)勢,買殼上市一直是廣大非上市公司所關(guān)注話題的中心。在發(fā)達(dá)國家的證券市場中,買殼上市還能給證券市場上的多家企業(yè)帶來帕累托改進(jìn),起到提高整個社會福利作用,這對我國的借殼上市的行為起到借鑒作用。我國可以通過降低租金和加強市場的作用,淘汰那些希望通過買殼上市得到租金收入的非上市公司,提高整個市場的運行效率。 在評估殼公司過程中,應(yīng)注意外部和內(nèi)部等多種因素的影響。殼資源的價格和變現(xiàn)能力、凈資產(chǎn)收益率、資產(chǎn)負(fù)債率的之間是正相關(guān)的關(guān)系,而與每股凈資產(chǎn)之間呈現(xiàn)出反相關(guān)的關(guān)系。但在股市中,由于殼公司股票的價格一直處在被投資者的追逐狀態(tài),使得殼資源價格脫離殼資源的真實價值,極不平穩(wěn)。 傳統(tǒng)評估殼資源價值的方法存在著缺少靈活性,所需要的數(shù)據(jù)不能得到很好的量化等缺點,但改進(jìn)后的Black-Scholes期權(quán)定價模型卻克服了這些缺點,它除具有靈活性、投資性等優(yōu)點,還能有效防范資產(chǎn)重組過程中的風(fēng)險,限定并能夠量化由不確定帶來的損失。而且模型中的各因素值能夠準(zhǔn)確量化,提高了殼資源價值評估的準(zhǔn)確性。
[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.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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本文編號：1967541