| ST(special treatment) system is a peculiar form of our stock market, so ST Companies become the special colony on the stock market, not only about change of operating position, but also as object of restructuring, every act of ST Companies causes the limitless reverie of the market, which makes this kind of companies paid close attention to extremely, the fluctuation of its stock price is far greater than the average range of the whole market fluctuations, some shares even rise furiously all the way , and stop because of rising to the peak in several days. The overly active market performances of ST stock means the risk contained among them is self-evident, which violates the original intention of supervision authorities who set up ST system in order to reduce market speculation. This paper makes a research on the whole lifeline of ST Companies from their entry ST, uses statistical analysis and case study synthetically, with the hope for making all stakeholders, such as the government, the creditors,the shareholders etc. have a comparatively overall and clear understanding to ST Companies.Relevant Foreign literatures are all about financial distress , domestic literatures are concentrated on prediction of the financial distress more too, only regard ST as the sign of the financial distress, there is less research that directs ST Companies specially, which is mostly static analysis, in view of this , this paper has following characteristics:1. Study ST Companies directly, do not consider it as financial distress.2. By using statistical analysis and concrete case study synthetically, we can not only look for the generality on the data, but also probe stories behind the data and financial index can not show, enrich the financial data with case study, at the same time, make case study visualize the financial data, so as to make the result of study have stronger convincing power. 3. Make dynamic research on ST Companies for more than 3 continuous years, divide ST Companies into 5 kinds according to whether it has ever quit ST colony, and analyse every kind separately.This paper reviews relevant literatures about ST Companies first, put forward the theoretical foundation, and then choose companies which are specially treated in the period of 1999 to 2001 as the samples to make empirical research.While studying why the listed companies are specially treated, descriptive statistics and Logistic regression show , the slower the mobility is, the less smooth the assets turnover are, the higher the financial leverage is, the lower debt paying ability is, the smaller in scale the profit of assets is , the poorer the quality of the income is, the more deficient the cash is, the weaker the growth is, the more the short-term loans are, the greater the possibility that a listed company is specially treated will be.In concrete analysis followed, we find when specially treated most listed companies only go flow bankrupt,their equities can exceed their debts. It is obvious that ST is only a warning signal of risk, these companies have space to come back to life. Most ST Companies are not listed for a long time, and they have region characteristics, ST Companies in Guangdong Province are the most, and the proportion that ST Companies occupy total amount of listed companies in each province is highest tooï¼›The proportions of JiangSu, BeiJing and Shandong are the lowest. 69% ST Companies are provided non-clean audit reports when specially treated, their accounting firms employed are centralized, it is not related between change of accounting firms and type of the audit reports. At last we summarize the reason for special treatment of listed companies, except that the above-mentioned profit ability is low and the financial situation is worsen, we emphasize remarkable influences in assets allowance and heavy debts. While studying the situation after the listed companies enter ST colony, we use statistical method to analyse profit turning behavior of these companies at first, we find, in the sample compan...
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