“特别处理”发挥了应有的公司治理作用吗？.doc
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“特别处理”发挥了应有的公司治理作用吗？,全文总计12页10，800字【摘要】特别处理（special treatment），简称st，是中国证券市场上对出现异常状况的上市公司的特别标示。作为一种制度安排，特别处理制度理论上应该起到督促经营者改善企业业绩、保护投资者权益、吸引潜在的企业接管者这三方面的公司治理作用。本文具...
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“特别处理”发挥了应有的公司治理作用吗？
全文总计12页 10，800字
【摘 要】特别处理（Special Treatment），简称ST，是中国证券市场上对出现异常状况的上市公司的特别标示。作为一种制度安排，特别处理制度理论上应该起到督促经营者改善企业业绩、保护投资者权益、吸引潜在的企业接管者这三方面的公司治理作用。本文具体考察了26家1998年被“特别处理”的上市公司，分析了ST公司被特别处理的原因、特别处理后公司业绩的改善情况以及改善原因。发现尽管有半数的公司在1999年之后被取消了特别，但是绝大部分企业并没有通过增强企业的核心能力而改善业绩，相反的，企业的护“壳”心理和短期行为严重。二级市场上通过重组消息对ST股票进行炒作的现象明显。事实说明“特别处理”制度没有发挥明显的公司治理作用。
【关键词】特别处理 公司治理
[Abstract] “Special Treatment”, abbreviated as ST, is used to mark the stocks, which are confronted with the financial or other abnormal situations. Theoretically, ST policy should have been useful for pushing managers to add efforts to enhance the firm’s competitiveness, protecting the investors’ interests, and attracting potential take-over actions. In this article, we examined 26 public firms that were specially treated in 1998. We analyzed why they were marked by ST, and whether and how they had improved their performances. We found that most of the ST firms couldn’t improve their performances by enhance their internal competitiveness, whereas they took the advantage of many short-term actions to protect their “shell” resources. Also, ST stocks were largely speculated because ST stocks involved lots of asymmetric M&A information. In conclusion, “Special Treatment” policy is not as useful for corporate governance as it is expected theoretically.
[Key Words]
Special Treatment Corporate Governance
参考书目：
1、 《中国证券报》，1998—2000年各期
2、 《中国经营报》，1998—2000年各期
3、 《中华人民共和国公司法》，1999
4、 《中华人民共和国证券法》，1999
5、 《深圳证券交易所股票上市规则》，2000
6、 《上海证券交易所股票上市规则》，2000
7、 《股票发行与交易管理暂行条例》，1993
全文总计12页 10，800字
【摘 要】特别处理（Special Treatment），简称ST，是中国证券市场上对出现异常状况的上市公司的特别标示。作为一种制度安排，特别处理制度理论上应该起到督促经营者改善企业业绩、保护投资者权益、吸引潜在的企业接管者这三方面的公司治理作用。本文具体考察了26家1998年被“特别处理”的上市公司，分析了ST公司被特别处理的原因、特别处理后公司业绩的改善情况以及改善原因。发现尽管有半数的公司在1999年之后被取消了特别，但是绝大部分企业并没有通过增强企业的核心能力而改善业绩，相反的，企业的护“壳”心理和短期行为严重。二级市场上通过重组消息对ST股票进行炒作的现象明显。事实说明“特别处理”制度没有发挥明显的公司治理作用。
【关键词】特别处理 公司治理
[Abstract] “Special Treatment”, abbreviated as ST, is used to mark the stocks, which are confronted with the financial or other abnormal situations. Theoretically, ST policy should have been useful for pushing managers to add efforts to enhance the firm’s competitiveness, protecting the investors’ interests, and attracting potential take-over actions. In this article, we examined 26 public firms that were specially treated in 1998. We analyzed why they were marked by ST, and whether and how they had improved their performances. We found that most of the ST firms couldn’t improve their performances by enhance their internal competitiveness, whereas they took the advantage of many short-term actions to protect their “shell” resources. Also, ST stocks were largely speculated because ST stocks involved lots of asymmetric M&A information. In conclusion, “Special Treatment” policy is not as useful for corporate governance as it is expected theoretically.
[Key Words]
Special Treatment Corporate Governance
参考书目：
1、 《中国证券报》，1998—2000年各期
2、 《中国经营报》，1998—2000年各期
3、 《中华人民共和国公司法》，1999
4、 《中华人民共和国证券法》，1999
5、 《深圳证券交易所股票上市规则》，2000
6、 《上海证券交易所股票上市规则》，2000
7、 《股票发行与交易管理暂行条例》，1993
