ST公司撤销特别处理的内因及其效果的实证分析

发布时间：2018-01-22 16:55

本文关键词： 撤销特别处理内因公司业绩持续性效果　出处：《浙江工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：由于我国上市资格的稀缺性,上市公司一旦被实施特别处理,其首要目标就是通过各种手段达到撤销特别处理的目的。根据撤销特别处理的相关规定,当ST公司戴帽时的情形消除时,可向交易所申请摘帽,这也即ST公司撤销特别处理的外因。外在的单一指标往往是决策后执行结果的体现,很难真正反应ST公司摘帽的内在因素,因此,本文关注的是哪些内在因素的存在,可以帮助ST公司更容易摘帽。另外,本文也进一步探讨了ST公司摘帽后业绩的持续性情况,即摘帽效果。所以,ST公司撤销特别处理的内因及其持续性效果的分析是本文主要研究内容。本文对影响ST公司撤销特别处理的内在因素和ST公司撤销特别处理后业绩的持续性效果进行实证分析。文章主要包括五个部分。第一部分“绪论”。简要介绍选题的背景和意义、文章基本框架以及国内外文献综述等。第二部分“特别处理制度和ST公司的基本特征”。主要介绍我国ST制度的相关内容及ST公司的基本特征。第三部分“ST公司摘帽的内在影响因素的实证分析”。主要运用logistic回归模型对ST公司摘帽行为展开研究,分析影响ST公司摘帽行为的内在驱动因素。第四部分“ST公司摘帽后业绩的持续性效果分析”。运用描述统计和wilcoxon秩和检验法对ST公司摘帽后业绩的持续性效果进行研究。第五部分“研究结论及相关建议”。对本文研究结论进行总结,并在此基础上提出政策性建议和未来研究展望。实证研究结果表明,影响ST公司摘帽行为的显著内在影响因素包括被ST的原因、ST公司规模、控股股东性质、第一大股东持股比例等,而代表公司盈利能力的净资产收益率以及代表公司偿债能力的资产负债率等指标对ST公司摘帽行为并不具有显著影响。可见ST公司是否容易摘帽并不取决于其资产质量或盈利能力的高低,更多地与其公司本身性质有关。另外,在五年的观察期内,ST公司摘帽后的整体业绩并不能持续保持,代表公司盈利能力、偿债能力、发展能力的财务指标在摘帽后出现了显著的下滑,可见摘帽公告当年的经营绩效具有短效性。
[Abstract]:Due to the scarcity of listed qualification, once listed company is implemented special treatment, its primary goal is to achieve the purpose of revocation of special treatment through various means. According to the relevant provisions of revocation special treatment. When the situation of St company wearing hat is eliminated, it can apply to the exchange for removing the cap, which is the external cause of the special treatment of St company. The external single index is often the embodiment of the executive result after the decision. It is very difficult to really reflect the inherent factors of St companies, therefore, this article is concerned about which internal factors, can help St companies to take off the cap more easily. In addition. This paper also discusses the persistence of the performance of St company after the cap removal, that is, the effect of removing the cap, so the internal cause and the analysis of the persistence effect of the special treatment of St company are the main research contents of this paper. This paper makes an empirical analysis of the internal factors that influence St company's withdrawal of special treatment and the persistent effect of St company's performance after withdrawing special treatment. The article mainly includes five parts. The first part is "introduction". Briefly introduce the background and significance of the topic. The basic framework of the article and the literature review at home and abroad. Part two, "Special treatment system and the basic characteristics of St Company" It mainly introduces the relevant contents of St system and the basic characteristics of St company in China. The third part is "empirical Analysis of the Intrinsic influencing factors of St Company" The logistic regression model was used to study the behavior of St company. This paper analyzes the internal driving factors that influence the behavior of St Company. Part 4th, "Analysis of the persistence effect of the performance of St Company after taking off the Cap" Using descriptive statistics and wilcoxon rank sum test to study the persistence effect of St company's performance after taking off cap. 5th part "Research conclusions and related recommendations", and summarize the research conclusions of this paper. On this basis, policy recommendations and future research prospects are put forward. The empirical results show that the significant internal factors affecting St companies' behavior include the scale of St companies, the nature of controlling shareholders, the proportion of the largest shareholders, and so on. However, the return on net assets representing the profitability of the company and the ratio of assets and liabilities representing the solvency of the company do not have significant effects on the behavior of St companies. It can be seen that whether St companies are easy to take off their caps does not depend on whether St companies are easy to take off their caps. The quality of its assets or profitability. It is more related to the nature of the company itself. In addition, the overall performance of St company after taking off its cap during the five-year observation period is not sustainable and represents the profitability and solvency of the company. The financial index of developing ability has a significant decline after peeling, so it can be seen that the operating performance announced in that year has a short effect.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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