我国退市制度实施效果的实证研究——基于ST板块“摘帽”现象的分析

Empirical Study of the Implementation Effects of China's Delisting System ——Based on the Analysis of “Uncap” Phenomenon in ST Board

中文关键词:  退市制度  “摘帽”  公司绩效

英文关键词:delisting system  “uncap”  corporate performance

中文摘要:

      文章对我国特有的ST制度以及伴生的“摘帽”现象进行了实证分析,建立了两个实证模型。第一个实证模型是运用回归模型对我国上市公司“摘帽”的影响因素进行了分析,研究结果表明:真正影响ST“摘帽”能否实现的因素并不是公司规模的大小和盈利能力的高低,而是宏观经济形势、控股股东的性质、非经常性损益等上市公司本身不能直接控制的因素。第二个实证模型运用事件分析法研究了“摘帽”对上市公司绩效的影响,模型结果表明:虽然“摘帽”在短期内能够增加上市公司股票的财富效应,但是这种效应的持续时间非常短暂；“摘帽”对上市公司长期绩效的影响也很小。研究结果表明,我国退市制度的实施效果并不理想,还需要进一步完善。

英文摘要:

      This paper empirically analyses China's unique ST system and the “uncap” phenomenon, and sets up two empirical models. The first model is the Logistic regression model of the impact factors for China's listed companies' “uncap” phenomenon. The results show that the actual impact factors for “uncap” were neither the company size nor its profitability, whereas the factors are what the listed companies can not directly control, such as the macroeconomic condition, the nature of the controlling shareholder and non-recurring profit and loss. The second model studies the influence of “uncap” on listed companies' performance with an application of event analysis method. The results show that:although the “uncap” phenomenon could bring wealth effect to shareholders by increasing excessive return of the stock in the short-run, yet the duration of this effect was very short; the impact of “uncap” on long-run performance of listed companies was also very slight. Both models show that the implementation effect of China's delisting system was unsatisfactory, and there's still much work to do for improvement. 