摘要
以1998年到2004年全部A股公司为样本,本研究系统考察了被特别处理(ST)公司的股票交易特性与估值。结果发现,当上市公司被实施ST以后,其股票交易显著偏离市场指数,呈个性化波动态势;在被实施ST期间,公司价值被显著低估。这一发现意味着投资者在投资ST股票时,总体是理性的,ST政策发挥了预期的警示作用。
By taking all A-share firms as the sample from 1998 to 2004, this study explores the trading and valuation of all firms under Special Treatment （ST）. The study shows that stock prices and trading of ST firms significantly departure from market index, presenting more firm-specific motivation. Moreover, the value of ST firms is significantly underestimated. The findings point out that investors are rational enough to consider the warning effect of ST regulation.
出处
《金融研究》
CSSCI
北大核心
2008年第1期119-131,共13页
Journal of Financial Research
