Right click a shortcut file and choose Shortcut Target from the context menu. A simple dialog will appear showing the full path or URL to the item referred to by the shortcut and three or four buttons.
If the shortcut points to a file or folder, as in the screenshot above, you can jump to its folder (automatically selecting the correct file in the folder window), copy its path to the clipboard, or execute it. If it's an Internet link (such as a web or email shortcut) you can execute it or copy its path to the clipboard. In either case, click OK or press Enter or Esc to just close the dialog.