北京工商大学学报
(
社会科学版
)摇 摇 摇 摇 2014
年
摇
第
5
期
ance
:
An International Review
,
2010
,
18
(
5
)
.
[
7
]
Foerster S R
,
Karolyi G A. The long鄄run perform鄄
ance of global equity offerings
[
J
]
. Journal of Financial and
Quantitative Analysis
,
2000
,
35
(
4
):
499 - 528.
[
8
]
陆国庆
.
中国上市公司不同资产重组类型的绩
效比较
———
对
1999
年度沪市的实证分析
[
J
]
.
财经科学
,
2000
(
6
)
.
[
9
]
李哲
,
何佳
.
支持
、
重组与
ST
公司的
“
摘帽
冶
之路
[
J
]
.
南开管理评论
,
2006
(
6
)
.
[
10
]
冯科
.
中国宏观金融风险预警系统构建研究
[
J
]
.
南方金融
,
2010
(
12
)
.
[
11
]
吕长江
,
赵宇恒
. ST
公司生命轨迹的实证分析
[
J
]
.
经济管理
,
2006
(
4
)
.
[
12
]
冯科
,
赵洋
,
何理
.
定向增发股票解禁期市场反
应的实证研究
[
J
]
.
北京工商大学学报
:
社会科学版
,
2012
(
3
)
.
[
13
]
冯芸
,
刘艳琴
.
上市公司退市制度实施效果的
实证分析
[
J
]
.
财经研究
,
2009
(
1
)
.
[
14
]
翁黎炜
,
黄薇
.
非经常性损益与盈余管理的研
究
———
来自
*ST
公司的数据
[
J
]
.
国际商务财会
,
2010
(
10
)
.
[
15
]
赵丽琼
,
张庆芳
.
我国财务困境公司摘帽公告
的短期效应和长期绩效研究
[
J
]
.
工业技术经济
,
2007
(
8
)
.
[
16
]
冯科
,
秦华
,
何理
. PE
持股对上市公司影响的实
证研究
:
以我国创业板上市公司为例
[
J
]
.
现代财经
:
天津
财经大学学报
,
2013
(
4
)
.
[
17
]
冯科
,
刘宏
,
何理
.
我国上市公司高送转对盈利
的信号效应研究
[
J
]
.
中南财经政法大学学报
,
2012
(
3
)
.
[
18
]
张妍妍
,
刘峥
,
周倪波
.
我国上市公司主动退市
的效应分析
[
J
]
.
中南财经政法大学学报
,
2012
(
4
)
.
Empirical Study of the Implementation Effects of China蒺s Delisting System
———
Based on the Analysis of
“
Uncap
冶
Phenomenon in ST Board
FENG Ke
1
& LI Zhao
2
(
1郾 School of Economics
,
Peking University
,
Beijing 100871
,
China
;
2郾 Investment & Banking Division
,
CITIC Securities Company Limited
,
Beijing 100026
,
China
)
Abstract
: This paper empirically analyses China蒺s unique ST system and the “uncap冶 phenomenon, and sets up two empiri鄄
cal models. The first model is the Logistic regression model of the impact factors for China蒺s listed companies蒺 “uncap冶 phenome鄄
non. The results show that the actual impact factors for “uncap冶 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冶 on listed companies蒺 perform鄄
ance with an application of event analysis method. The results show that: although the “uncap冶 phenomenon could bring wealth
effect to shareholders by increasing excessive return of the stock in the short鄄run, yet the duration of this effect was very short;
the impact of “uncap冶 on long鄄run performance of listed companies was also very slight. Both models show that the implementa鄄
tion effect of China蒺s delisting system was unsatisfactory, and there蒺s still much work to do for improvement.
Key Words
: delisting system; “uncap冶; corporate performance
(
本文责编
摇
王
摇
轶
)
·88·
