Abstract: Under the backdrop of the full implementation of the registration system, normalized delisting, and tighter supervision of mergers and acquisitions, the value basis of listed companies' "shell resources" has shifted from the mere scarcity of listing channels to the choice of capital platforms under institutional constraints. Moving beyond traditional research that equates "shell resources" with standard financial call options, from the intersecting perspective of institutional economics and real options theory, "shell resources" are defined as constrained composite real options held throughout the full process of control transfer, asset injection, and industrial integration. Based on this, introducing the Heston stochastic volatility model and fuzzy mathematics methods, the key parameters in the valuation process of "shell resources" are constructed as trapezoidal fuzzy number functions, forming a Heston-fuzzy real options pricing model. Using a typical major asset restructuring in industrial integration as a case study, this systemically reveals the interval valuation characteristics and dynamics convergence patterns of "shell resources" under the full registration system. The study shows that this model can accurately depict the convergence trajectory of 'shell resource' value under different levels of information completeness and reveals that its value core has shifted from the listing channel scarcity premium during the approval system era to the time efficiency value, transaction certainty value, and capital platform synergy value in industrial integration scenarios, with no widespread high premium disconnected from underlying assets. This research expands the theoretical boundaries of special intangible asset valuation and provides scholarly support for optimizing 'shell resource' M&A pricing mechanisms and enhancing capital market regulatory effectiveness.