The reason why enterprises can survive or exist is that they have some non-monetary hidden resources, but their value can not be fully reflected in the books, but "off-balance-sheet assets". The real value of shell resources can not be calculated only by the book assets of enterprises, but should include the market value of hidden resources. Buyers and sellers should pay full attention to the advantages of shell resources and hidden resources when reaching an agreement and evaluating the value of enterprises.
In the capital market, the value of intangible assets will be considered when transferring enterprise resources and buying and selling enterprise shares, but few people pay attention to shell resources as a whole. Shell resources have become a concept, which exists depending on the explicit assets of enterprises. Because the value of shell resources cannot be confirmed, the income period and beneficiaries cannot be accurately divided, and the transactions between buyers and sellers of capital are opaque, the value of shell resources is obviously underestimated or even ignored.
Many enterprises have a premium when restructuring. What does this insurance premium include? Excluding the market supply and demand factors, the fundamental source of this premium is the embodiment of the value of shell resources, although it has not been objectively and completely reflected. It can be seen that the value of shell resources will only appear in the transaction of enterprise property rights, the value of shell resources can not be accurately identified, and the value of shell resources will not be reflected in the business process of enterprises.
In the current "shell" transactions of listed companies in China, the price of a "shell" company is generally determined by its net asset value, and its virtual value is usually not considered. The virtual value of "shell" company is really valued by the buyers of "shell", but it is not reflected in the transaction price of "shell". We think this is unreasonable. On the one hand, this situation is related to the excessive administrative intervention and low marketization in China's "shell" trading behavior, on the other hand, it is also related to the lack of specific methods to evaluate the virtual value of "shell" resources in China.