上市公司“壳”资源交易价格的理论分析

通过股权协议转让或二级市场并购来实现买“壳”上市是我国证券市场上一种普遍的现象。但是，理论界目前对于“壳”资源交易价格决定影响因素、不同交易方式对“壳”公司价值及社会福利的影响缺乏深入的研究。本文运用两个不同的理论模型对二级市场并购和股权协议转让两种不同的“壳”资源交易方式均衡价格的决定及其对企业价值和社会福利的影响分别加以研究，并由此得出一些有意义的结论及政策建议。

A Theoretical Analysis on Commercial Value of Shell Resources among Listed Companies

It is a universal phenomenon in China's securities market to get listed on stock market by purchasing Shell through the conference transfer of stock equity and the merger and acquisition of secondary market. But, at present, the theorists fall short of a thorough study into the factors influencing the decision on the commercial value of Shell resources and into the influence of different dealing means on Shell companies and social welfare. In view of the situation, this article studies respectively the two above-mentioned issues, and, from the study, attains some useful conclusions and constructive proposals in policy.