特别处理公司重组绩效评价实证研究

Empirical Analysis on Restructuring Performance Evaluation of Special Treatment Corporate

本文采用超额收益法与财务指标法对中国证券市场中的特别处理公司(以下简称ST公司)重组绩效进行了实证研究。分析结果表明ST公司重组后三年内平均累积超额收益(CAAR)显著为正。运用财务指标法的研究结果表明ST公司重组当年绩效并无明显改善,重组后第一年绩效明显上升,而随后两年则呈现下降态势。总之,在ST板块中频繁发生的重组能在短期内改善公司业绩和股东收益,但这种绩效的改善不具有持续性。

The paper makes an empirical analysis on the restructuring performance of Special Treatment corporate (hereinafter referred to as ST corporate) in Chinese securities business by using abnormal return method and financial indicator method. The results show that cumulative average abnormal return (CAAR) is significantly positive in three years after ST corporate restructuring. The results obtained through financial indicator method show that the very year of restructuring did not see improved performance of ST corporate while the first year after restructuring did so. However, in the following two years the performance began to decline. In conclusion, restructuring, which happens frequently in ST firms, can improve corporate performance and shareholders′ return in short run, but such improvement is not durative.