本文關(guān)鍵詞：ST“戴帽”能夠提高公司價(jià)值和經(jīng)營(yíng)績(jī)效嗎——基于傾向值匹配和雙重差分模型的因果推斷　出處：《工業(yè)工程與管理》2017年04期 　論文類型：期刊論文

  更多相關(guān)文章： ST制度 公司價(jià)值 經(jīng)營(yíng)績(jī)效 傾向值匹配 雙重差分

【摘要】：利用傾向值匹配和雙重差分模型研究ST制度對(duì)公司價(jià)值和經(jīng)營(yíng)績(jī)效的因果效應(yīng)。以2004-2014年的非金融A股上市公司為樣本,研究發(fā)現(xiàn),在傾向值匹配前,ST"戴帽"能夠顯著地提高公司價(jià)值。但在傾向值匹配后,即控制了其他公司特點(diǎn)等影響因素后,僅ST"戴帽"本身并不能提高公司價(jià)值。具體而言,ST"戴帽"不僅降低了資產(chǎn)的賬面價(jià)值,而且也降低了資產(chǎn)的市場(chǎng)價(jià)值。這說(shuō)明ST制度起到了風(fēng)險(xiǎn)預(yù)警的作用,投資者并沒(méi)有盲目追捧ST股票。此外,ST"戴帽"對(duì)公司及其管理層也具有警醒作用,能夠顯著提高公司的未來(lái)經(jīng)營(yíng)績(jī)效。以上結(jié)果表明,ST制度在證券市場(chǎng)上基本發(fā)揮了預(yù)期的政策作用,是符合中國(guó)實(shí)情的有益嘗試。
[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.
【作者單位】： 西南交通大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金資助項(xiàng)目(71371157) 國(guó)家社會(huì)科學(xué)基金資助項(xiàng)目(15XZZ011,12CGL020) 教育部人文社科基金規(guī)劃項(xiàng)目(14YJC790073,15YJA790031,16YJA790062)
【分類號(hào)】：F275;F832.51
【正文快照】： 1引言特別處理(Special Treatment,ST)制度是一項(xiàng)中國(guó)股票市場(chǎng)所獨(dú)有的特殊制度。上市公司由于財(cái)務(wù)困境等異常狀況會(huì)被實(shí)施ST。監(jiān)管部門建立ST制度是為了監(jiān)督和規(guī)范上市公司行為以及保護(hù)投資者利益,從而維護(hù)證券市場(chǎng)的穩(wěn)定與健康發(fā)展。然而,蔣大富等[1]發(fā)現(xiàn),ST公司為了保住上，

本文編號(hào)：1392131