当买“壳”的交易数量已经超过当年的IPO(首次公开募股)数量时,对“壳资源”的价值进行探讨显然很有必要。轰轰烈烈的买壳运动是否真正达到了资源的优化配置,是否真正创造了价值? 从国外的经验来看,美国证券交易委员会(SEC)曾经于1983年成立了一个专家委员会,调查自1968年以来市场上并购后的实际效果,结果显示,没有充分的证据表明并购为社会创造了价值。有鉴于此,美国证监会在制定并购政策时采取了“不作为”的态度——既不限制也不鼓励。也有人从1999年至2001年间,在美国发生的“买壳”案例中选取了50起规模较大的进行分析,发现标准普尔小盘股指数增长了11％,而同期这50家公司的平均股价却下跌了67％。我国市场又如何呢? 在买壳者的冲动、投资者的迷茫之下,让我们听听专家们的看法: 中国社科院金融研究所的尹中立博士认为,由于一级市场存在股市“租金”,二级市场可以获得投机利润,所以,壳资源维持了较高的价值,但是随着市场环境的变化,绩差股的壳资源将日渐消失; 北京大学光华管理学院的周春生教授、清华大学经管学院廖理副教授及中国证监会张宁三人的研究显示,我国以ST公司为主的壳资源具有较高的价值,但是重组公司的价值较低; 一直从事公司金融及并购策略研究的张新教授通过对2002年之前中国资本市场 When the number of “shell” transactions has surpassed the number of IPO (initial public offerings) in that year, it is clearly necessary to explore the value of “shell resources.” From the experience of foreign countries, the United States Securities and Exchange Commission (SEC) once established an expert committee in 1983 to investigate the market since 1968. Whether or not the shell buying campaign really reached the optimal allocation of resources really creates value? The actual results after the merger, the results show that there is no sufficient evidence that mergers and acquisitions to create value for the community. In view of this, the US Securities and Exchange Commission in the formulation of mergers and acquisitions policy adopted a “no” attitude - neither limit nor encourage. There were also 50 large-scale analyzes of “buying shell” cases that occurred in the United States between 1999 and 2001 and found that the S & P Small Cap Index was up 11% while the average of the 50 companies over the same period The stock has dropped 67%. Let us listen to the experts’ opinions: Under the impulse of buyer’s shell and the confusion of investors, Dr. Yin Zhongli from the Institute of Finance of the Chinese Academy of Social Sciences thinks that due to the existence of the stock market “rent ”, The secondary market can get speculative profits, so the shell resources to maintain a high value, but as the market environment changes, shell stocks of poor performance stocks will gradually disappear; Peking University Guanghua School of Management, Professor Zhou Chunsheng, Tsinghua University According to the research conducted by Associate Professor Liao Li of University Economics and Management and Zhang Ning from China Securities Regulatory Commission, the shell resources in China with ST companies are of high value, but the value of reorganization companies is low. The research on corporate finance and M & A strategies Professor Zhang Xin passed China’s capital market before 2002