ST“戴帽”能够提高公司价值和经营绩效吗——基于倾向值匹配和双重差分模型的因果推断

发布时间：2018-01-07 10:19

  本文关键词：ST“戴帽”能够提高公司价值和经营绩效吗——基于倾向值匹配和双重差分模型的因果推断　出处：《工业工程与管理》2017年04期 　论文类型：期刊论文

  更多相关文章： ST制度 公司价值 经营绩效 倾向值匹配 双重差分

【摘要】：利用倾向值匹配和双重差分模型研究ST制度对公司价值和经营绩效的因果效应。以2004-2014年的非金融A股上市公司为样本,研究发现,在倾向值匹配前,ST"戴帽"能够显著地提高公司价值。但在倾向值匹配后,即控制了其他公司特点等影响因素后,仅ST"戴帽"本身并不能提高公司价值。具体而言,ST"戴帽"不仅降低了资产的账面价值,而且也降低了资产的市场价值。这说明ST制度起到了风险预警的作用,投资者并没有盲目追捧ST股票。此外,ST"戴帽"对公司及其管理层也具有警醒作用,能够显著提高公司的未来经营绩效。以上结果表明,ST制度在证券市场上基本发挥了预期的政策作用,是符合中国实情的有益尝试。
[Abstract]:The causality effect of St system on corporate value and operating performance is studied by using tendency value matching and double difference model. Taking non-financial A-share listed companies as samples from 2004-2014, the study finds. Before the tendency value matches, St "wearing hat" can significantly improve the value of the company, but after the tendency value matching, that is, after controlling the influence factors such as the characteristics of other companies. St "hat" alone can not improve the value of the company. Specifically, St "hat" not only reduces the book value of assets. It also reduces the market value of assets. This shows that St system plays a role of risk warning, investors do not blindly pursue St stocks. St "wearing hat" can also alert the company and its management, can significantly improve the future performance of the company. The above results show that St system in the securities market has basically played a role in the expected policy. It is a useful attempt in line with the reality of China.
【作者单位】： 西南交通大学经济管理学院;
【基金】：国家自然科学基金资助项目(71371157) 国家社会科学基金资助项目(15XZZ011,12CGL020) 教育部人文社科基金规划项目(14YJC790073,15YJA790031,16YJA790062)
【分类号】：F275;F832.51
【正文快照】： 1引言特别处理(Special Treatment,ST)制度是一项中国股票市场所独有的特殊制度。上市公司由于财务困境等异常状况会被实施ST。监管部门建立ST制度是为了监督和规范上市公司行为以及保护投资者利益,从而维护证券市场的稳定与健康发展。然而,蒋大富等[1]发现,ST公司为了保住上，

本文编号：1392131