Stocks Issued Registration System Reform’s Influence on the Shell Resource Value

摘要

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.