Chapter one describes concept and characteristic of going public through buying a shell mainly . explain what is going public through buying a shell and its feature , and subject require and operation course , etc . general rudimentary knowledge 解释了什么是买壳上市和买壳上市的特征，以及买壳上市的主体要求和买壳上市的运作过程等一般的基础知识。
Shanghai zhonglu group ' s merging shanghai yongjiu , and especially this part combining with the practical situation , systematically studies the relevant principles of listing - by - buying - shell aimed at the typical questions emerging in the merger 尤其对企业在兼并过程中出现的具有代表性的问题，结合实际情况，对买壳上市的有关原理和方法做了系统性的研究。
But in the capital market , lbo , mbo , and go public through buying a shell have already become the main method of china ' s corporation merger , property right reform , and strengthening corporation ' s core competitiveness strength 而在国内资本市场上，杠杆收购( lbo ) 、管理者收购( mbo )以及买壳上市等，已成为中国企业进行产权改革、增强核心竞争力的重要手段。
In the chapter of analyzing the secondary allocation of shell resource , the author illustrates that coming into the stock market through buying the shares of companies already in the market is a pareto improvement through discussion of bargaining model 在分析“壳资源”次级配置时，通过对讨价还价博弈模型的讨论，说明买壳上市对买卖双方来说是一个帕累托改进。
With their strength continuously enhancing , they expand , and thus , the mergers get more and more attentions . as a special form of mergers , listing - by - buying - shell has become one beautiful scenery in the business circles 随着实力的不断增强，它们不断向外扩张，于是，兼并越来越受到人们的关注，而作为兼并的特殊形式一买壳上市早已成为企业界一道最亮丽的风景。
Statistic data of die last few years in the a - share market indicate that the premium of control of shell companies is about 25 percent over the net assets on average , although it varies in a wide range case by case 对于买壳上市而言，确定壳公司价值的关键是确定控制溢价。影响控制溢价高低的因素主要有壳公司的股本大小、股权分散程度、持股比例、资产专业化程度、资产的结构、支付方式等。
4 . operational procedure from the viewpoint of a buyer , the operational procedure of a backdoor listing consists of strategic planning , shell choosing , pricing analysis , alternative design , negotiation , financing and the post - acquisition integration 三、买壳上市的基本操作程序买壳上市的基本操作程序一般包括战略规划、目标公司调查、收购价格分析、收购筹资、收购技术设计、收购后的整合等。
Example : after the back - doorlisting is complete , pccw will have a 93 percent stake in dong fang gas , which meansthe company must swiftly arrange a shareplacement to bring its free float to at least 25per cent in accordance with stock exchangerules 例证： ‘买壳上市”完成后，电讯盈科将拥有东方燃气93的股权，这意味着公司必须迅速安排配售，因为依照证券交易所规定，股票的市场流通量至少要达到25 。
Example : after the back - door listing is complete , pccw will have a 93 percent stake in dong fang gas , which means the company must swiftly arrange a share placement to bring its free float to at least 25per cent in accordance with stock exchange rules 例证： ‘买壳上市”完成后，电讯盈科将拥有东方燃气93的股权，这意味着公司必须迅速安排配售，因为依照证券交易所规定，股票的市场流通量至少要达到25 。
The main benefit for a listed companion is to get money from stock market being listed companion by buying shell is a special way for the capital ' s movement to the enterprise . it also is a simple and quick way to become a listed companion 买壳上市作为企业并购的一种形式，在西方的证券市场使用非常盛行，在美国已有上百年历史，一直是企业上市融资的捷径，无论从理论上还是操作技巧上的研究都已经比较成熟和完善。
