As can be seen from the appearance of shell resources, it is based on shell companies in listed companies and is an image metaphor for listed companies with poor operating performance. Shell means no meat, and listed companies are known as shells, which means poor operating performance, difficult operation and even the danger of bankruptcy. In the international securities market, "shell" companies refer to listed companies that have and maintain the listing qualification, but their business scale is relatively small or stopped, their performance is average or not, their total share capital and tradable shares are less or suspended, and their share prices are low or close to zero. They are called "shell companies" and are usually divided into three types: "real shell" companies, "shell" companies and "clean shell" companies.
1. "Real shell" companies refer to listed companies with small business scale, average or poor performance, less total share capital and tradable shares, and lower stock prices. The reasons for the emergence of "real shell" companies are more common. In any securities market, there will always be listed companies with small business scale, dull or poor performance, small stock circulation and low stock price. It is easier to see such companies in the long-term depressed stock market.
2. A "shell" company refers to a listed company that has obvious difficulties in operation or suffered heavy losses, its business has shrunk or closed down seriously, its business has no development prospects, its restructuring is hopeless, its shares are still in circulation, but its trading volume and share price continue to drop to a very low level, or its shares are suspended or terminated. The reasons for the emergence of "shell" companies are very complicated, and most of them are transformed from "real shell" companies under certain conditions. For example, the company's product cycle is in the late recession and cannot be replaced; The company's industry belongs to the sunset industry, and it is impossible to change production; Serious mistakes in new product development and market positioning, and business failure; The company's production cost is too high and its competitiveness is weak; The resource mining company stopped its business because of the exhaustion of resources or the decline of ore quality, the increase of mining cost and the loss of mining value, thus becoming a "shell" company.
3. A "clean shell" company refers to a "shell" company that has no liabilities, no legal disputes, no violation of listing and trading rules, and no legacy assets. There are two main sources of "shell" companies: first, the major shareholders of "shell" companies dismiss employees, sell assets, clear debts, solve legal disputes and so on in the hopeless situation of company restructuring, and finally maintain the listing qualification of "shell" companies only for their own development or merger of new business; Or waiting for the price to be sold, sold to buyers who want to "buy shells" and sold to investment banks or related professional investment consulting institutions. Second, some investment banks or professional investment consulting institutions specializing in "shell listing" search for "shell companies". Through careful investigation, they avoided "shell companies" with unfavorable factors such as debts and legal disputes, negotiated mergers and acquisitions with qualified major shareholders of "shell companies" scattered all over the country, and cleaned the shell of "shell companies" after completing the shell buying business. Under the condition of the access system for Chinese enterprises to enter the securities market, the listing qualification of listed companies has become a monopoly right granted by the government, and monopoly income can be obtained with this qualification. Moreover, companies that can be listed on the stock exchange are generally representatives of outstanding enterprises in various places. Listed companies are pioneers of enterprise reform, and the experiences and lessons gained in exploring the establishment of modern enterprise systems, changing operating mechanisms, and carrying out institutional innovation are very valuable.
Listed companies refuse to become "shell" companies for various reasons. Reuse can bring huge benefits to users, as follows: 1. They can continue to use the securities market to raise funds. This is what non-listed companies dream of; 2. Advertising effect. The listing of a company can greatly improve the popularity of its products; 3. Strong liquidity. The stocks of listed companies provide convenient conditions for the realization of assets with their standardization, separability and liquidity; 4. Capital amplification effect. Listed companies can dominate and control more social capital with less capital. Under the specific institutional background of our country, because the stock market is in a developing period, the state has adopted encouraging policies for listed companies, and all local governments have given policy support to local listed companies and provided them with preferential policies such as taxation. Because listed companies have monopoly income, listed companies will try their best to keep their listing qualifications, and only when the operational difficulties are unsustainable will they consider transferring their listing qualifications. China's securities market has a short history, with few listed companies and even fewer "shell" companies. The total number of listed companies in China accounts for less than 1% of the total number of enterprises in China, and the size of China's securities market is less than one tenth of that of the United States. From 65438 to 0995, the securitization rate of developed countries was 70.44, and that of China was 23.4. In China, the listing of companies is subject to strict auditing system, with "total control and limited number of companies". Under this institutional arrangement, it is quite difficult for companies to issue shares and go public, and listing through "shell" is the last choice for most enterprises who want to enter the securities market. The state encourages the reorganization of enterprise assets in policy, especially the reorganization of "shell" companies. It can be seen that the market demand of "shell" companies is huge, and "shell resources" are scarce. The virtuality of "shell" resources refers to the value generated by the listing qualification of "shell" companies, which does not correspond to the production factors in actual production, but is related to a specific system. If there are no barriers to entry and exit in the market, "shell" companies will not become resources. The virtuality of "shell" resources is relative to physical resources. General resources have real material carriers, but "shell" resources are not an essential factor in people's life and production. They are virtual assets, which are scarce and profitable only under the strict access restrictions of China stock market. The regeneration of "shell" resources lies in the fact that the use of general resources is usually consumed and the value is transferred, and the use of "shell" resources will produce great value appreciation, turning a "shell" company without "meat" into a high-quality company with "meat". This is like the use value of labor, which can produce value appreciation in the process of use. If the shell resource is not used properly, it may continue to be a shell or become a shell again.