TITLE:
Stocks Issued Registration System Reform’s Influence on the Shell Resource Value
AUTHORS:
Chen Zhang
KEYWORDS:
Registration Reform, Shell Resource, Listing through Buying a Shell
JOURNAL NAME:
iBusiness,
Vol.9 No.1,
March
21,
2017
ABSTRACT: Since the establishment of China’s securities market
in 1990s, the stock issuing system has experienced many times of changes. In
most of the time, the distribution mechanism was a kind of audit system, which
led to many enterprises to list on queuing, which is combined with several
times of IPO pauses, making it harder to go public. In such background, listing
qualifications of public companies have become a scarce resource and shell
trade has become popular. From 18, 2013, however, China central government had
put forward registration system reform for the first time. The scarcity of
shell resource started to be striking. A widely concerned question is that
under the background of registration system reform, what changes will happen in
the value of shell resources and how the shell resources will be traded. This
article will combine the history with Chinese stock issuing system. Difference
between Chinese and foreign. Shell resource value constitutes several influence
factors. This article try to study how these factors will change and how shell
resource value will be affected during and after the process of registration
system reform, and provide some useful advice about how to handle these
changes.