本文關鍵詞：基于財務風險預警模型的上市公司退市制度探討　出處：《河北大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 上市公司退市制度 ST公司 財務風險 Logistic模型 資產規(guī)模

【摘要】：隨著我國證券市場的快速發(fā)展，證券法逐步確立，與此同時關于股票暫停上市的相關制度條例也在不斷的完善，但在實際操作過程中并沒有太多存在上市風險的公司被強制退市，而是很多情況下，通過一段時間企業(yè)內部的“積極經營”又重新回到了正常狀態(tài)股票的行列，最終導致真正被實施退市的公司很少。上市公司退市制度在近些年來一直倍受關注，如何建立定性和定量的財務風險評價體系是很多學者一直在研究的問題。本文主要通過上市公司的財務指標數據，運用多元統計學中的Logistic回歸方法對ST股票以及配對的非ST股票進行建模，先確定哪些因素對于評價上市公司的財務風險有較明顯的影響，再把研究樣本連續(xù)五年的季度財務數據進行計算得到風險P值的時間序列，，最后基于P值的時間序列進行對比研究。最后發(fā)現，大部上市公司被警示的滯后時間是不一樣的，而且資產規(guī)模較大的公司被實施ST的滯后時間相對較長，規(guī)模較小的公司相對較短，另外，不同資產規(guī)模的上市公司具有不同的風險承受能力。根據以上得出的結論，本文為我國上市公司退市制度考核方法的進一步完善提供了有價值的參考。
[Abstract]:With the rapid development of China's securities market, securities law gradually established at the same time, relevant regulations on the suspension of listed stocks are constantly improving, but not too many listed companies were forced to withdraw from the market risk in the actual operation process, but in many cases, through a period of time within the enterprise "active management" returned to normal stock ranks, eventually leading to real delisting companies rarely. The delisting system of listed companies has attracted much attention in recent years, how to establish the qualitative and quantitative financial risk evaluation system is a lot of scholars have been studying the problem. This paper mainly through the financial data of listed companies, using Logistic regression method multivariate statistics in non ST stock of ST stock and matching model, to determine which factors for financial evaluation of listed companies There is obvious influence risk, then quarter sample of five consecutive years of financial data to calculate the risk value of P time series, the last time series based on the P value were compared. Finally found that most listed companies are warning the lag time is not the same, and the assets of the larger company is the implementation of ST lag time is relatively long, smaller companies is relatively short, in addition, the different asset size of listed companies with different risk tolerance. According to the above conclusions, this paper provides a valuable reference for the further improvement of the examination method of delisting system of Listed Companies in China.

【學位授予單位】：河北大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F224;F275;F832.51

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相關期刊論文 前10條

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本文編號：1384917