ST公司摘帽方式研究

A Study of ST Corporations’ Way to “Uncap”

"特别处理"(ST)和"退市风险警示"(*ST)制度在中国已存在20年,这一期间ST公司的摘帽方式一直是人们关注的重点。盈余管理范畴中的资产重组和财政补助是大家熟知的摘帽方式,但公司成功摘帽后能否让公司经营状况真正得以改善是值得探究的。除了主板市场外,2014年股转系统面向全国接受企业挂牌申请,"新三板"上市的公司被ST后如何摘帽与其后续经营情况也值得研究。通过概述ST与*ST公司摘帽条件,并用具体公司案例阐释不同摘帽方式与剖析其未来持续运营能力,对投资者做出相对正确的选择有一定意义。

The system of "Special Treatment"(ST)and" Delisting Risk Warning"(*ST)have been existing in China for twenty years.The way to"Uncap" for ST corporations has always been the focus of study.Asset restructuring and financial subsidies in the scope of earnings management are common ways to "Uncap",however,It is worth studying whether the company can really improve the company's operating conditions after the successful "Uncap".The stock transfer system is open to enterprises nationwide to accept applications for listing besides stock market.Consequently it is also worth studying"Xin Sanban" corporations about how to"Uncap" after ST and their follow-up business conditions.This paper will first briefly summarize the "Uncap"conditions for ST and *ST corporations.In addition,this paper will explain different ways to "Uncap" and analyze their future operational capabilities with specific company cases,which is helpful for investors to make relatively correct choices.