摘要
究竟是什么决定了ST公司的命运?本文利用顺序Logit回归模型,对142家ST企业的三种不同命运(恢复正常、仍然ST和停牌)进行了研究。公司在ST时期内的经营绩效、资本结构以及公司治理等方面解释这些因素对ST公司命运的影响。研究结果发现,公司的经营绩效以及债务结构对ST公司生存与否具有显著影响,而资本大小以及社会法人持股比例并没有显著影响。结论表明,ST制度有助于财务健全以及经营良好的企业生存,ST期间在财务结构以及经营绩效得到改善的企业可以重新成为正常类公司。
What on earth determined the final results of special treatment （ST） listed firm in China？ This problem is ignored for a long time. This paper studies the third different endings for Chinese ST firms from operating performance, capital structure and cooperate governs to explain which will determine the final ending for Chinese financial distressed firms. A firm＂ s survival probability is positively affected by its operating performance and debt structure , but its size, social shareholder ratio have no effect on its survival chance. Overall, the evidence suggests that ST system leads to an important extent to survival of the healthy fmance and well-operated firms.
出处
《南方经济》
北大核心
2006年第5期112-119,共8页
South China Journal of Economics
基金
教育部留学回国人员科研启动基金
国家社会科学基金(05CTJ004)资助项目。
