本文關(guān)鍵詞： 撤銷特別處理 內(nèi)因 公司業(yè)績 持續(xù)性效果　出處：《浙江工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：由于我國上市資格的稀缺性,上市公司一旦被實(shí)施特別處理,其首要目標(biāo)就是通過各種手段達(dá)到撤銷特別處理的目的。根據(jù)撤銷特別處理的相關(guān)規(guī)定,當(dāng)ST公司戴帽時的情形消除時,可向交易所申請摘帽,這也即ST公司撤銷特別處理的外因。外在的單一指標(biāo)往往是決策后執(zhí)行結(jié)果的體現(xiàn),很難真正反應(yīng)ST公司摘帽的內(nèi)在因素,因此,本文關(guān)注的是哪些內(nèi)在因素的存在,可以幫助ST公司更容易摘帽。另外,本文也進(jìn)一步探討了ST公司摘帽后業(yè)績的持續(xù)性情況,即摘帽效果。所以,ST公司撤銷特別處理的內(nèi)因及其持續(xù)性效果的分析是本文主要研究內(nèi)容。 本文對影響ST公司撤銷特別處理的內(nèi)在因素和ST公司撤銷特別處理后業(yè)績的持續(xù)性效果進(jìn)行實(shí)證分析。文章主要包括五個部分。第一部分“緒論”。簡要介紹選題的背景和意義、文章基本框架以及國內(nèi)外文獻(xiàn)綜述等。第二部分“特別處理制度和ST公司的基本特征”。主要介紹我國ST制度的相關(guān)內(nèi)容及ST公司的基本特征。第三部分“ST公司摘帽的內(nèi)在影響因素的實(shí)證分析”。主要運(yùn)用logistic回歸模型對ST公司摘帽行為展開研究,分析影響ST公司摘帽行為的內(nèi)在驅(qū)動因素。第四部分“ST公司摘帽后業(yè)績的持續(xù)性效果分析”。運(yùn)用描述統(tǒng)計(jì)和wilcoxon秩和檢驗(yàn)法對ST公司摘帽后業(yè)績的持續(xù)性效果進(jìn)行研究。第五部分“研究結(jié)論及相關(guān)建議”。對本文研究結(jié)論進(jìn)行總結(jié),并在此基礎(chǔ)上提出政策性建議和未來研究展望。 實(shí)證研究結(jié)果表明,影響ST公司摘帽行為的顯著內(nèi)在影響因素包括被ST的原因、ST公司規(guī)模、控股股東性質(zhì)、第一大股東持股比例等,而代表公司盈利能力的凈資產(chǎn)收益率以及代表公司償債能力的資產(chǎn)負(fù)債率等指標(biāo)對ST公司摘帽行為并不具有顯著影響。可見ST公司是否容易摘帽并不取決于其資產(chǎn)質(zhì)量或盈利能力的高低,更多地與其公司本身性質(zhì)有關(guān)。另外,在五年的觀察期內(nèi),ST公司摘帽后的整體業(yè)績并不能持續(xù)保持,代表公司盈利能力、償債能力、發(fā)展能力的財(cái)務(wù)指標(biāo)在摘帽后出現(xiàn)了顯著的下滑,可見摘帽公告當(dāng)年的經(jīng)營績效具有短效性。
[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.
【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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