| 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. The system arrangement changed these shell companies'anticipation of investment, then has affected the market stock'price. These shell resources can make the transaction because of its specific value. Determination of the value has become the key of capital operation. In view of the fact that the existed literature'research about the shell value is mainly based on the theoretical analysis. The empirical study about the shell value and influence factor of shell value is relatively fewer. In order to make the price of shell resources tend to be rational, this article take the ST companies between 1998 and 2007 year as the sample, but not considering it as the financial distress. The paper directly conducts the research on the shell value of listed companies being special treatment. Not only is the statistical method used, but the factor of stock market being contained, not merely in financial data itself.This article is divided six parts to conduct the research on the influence factor on ST Corporation'shell value:The first part is the introduction. In our country, this kind of special system background has formed the scarcity of shell resources. The scarcity gave extreme favor to ST companies and twisted shell value itself seriously. The existence of ST companies has negative influence on the capital market'efficiency of resource disposition. Thus it has the very strong practical significance to the shell value research. Simultaneously this part explains the research framework and the characteristic, providing an overall frame for later parts.The second part make the literature summarizes, As a result of the object particularity of study, this part make the research results divide into domestic and overseas studies which carry a systematic reorganization. The result is that the reason by ST, the financial distress of ST corporation, governess of ST Corporation, the market'reaction of ST corporate being warned and the ST Corporation's outlet are the hot research in domestic and foreign research. While to be special treatment, the research of shell resources value is few. this is precisely a key point which this article is going to study.The third part concentrated on the theoretical analysis of factor which affects the shell value. First, the paper makes an introduction about the ST Corporation's related concept and the shell resources connotation and the formation of value. Because finance condition is not been good for the ST, thus this part only selected the financial risk which has the influence on shell value to carry on the theoretical analysis. Finally selecting the corporation'governess and the stock market as two aspects to elaborated influence on the shell value. On the base of above analysis, this part selects the representative target to construct shell value target system, make a preparation for the following research.The fourth part is the empirical study. This part introduces the sample choice and data source in detail. Through the descriptive statistical method, ST Corporation's quantity, the profession distribution and the ST Corporation's age has been carried on the analysis one by one. The result is that shell value belonging to profession monopolization or the resource profession must surpass other professions the shell value. Along with our country capital market'age increase, the ST Corporation's age is also growing. Considering on the relevance between selected targets and simultaneously for the elimination colinearity question in regression analysis, this part carry on the relevant analysis in view of selected targets. From the research result, we can obtain that the selected targets have certain explanation strength to the shell value. profit ability, short-term debt redemption ability and the audit'opinion play positive role in the shell value, but the property ratio of debt and the connection transaction could erode the shell value, having the inverse correlation. 11 principal components factors are withdrew by using the principal components analytic method. The conclusion demonstrates that the stocks proportion in the first major stockholder is negative to governess of the company in the stockholder's rights structure. The phenomena explained that the major stockholder truly in the shell company have the behavior of the tunnel excavation. But two and three major stockholders actually had the inhibitory action to first major stockholders'this behavior. Enhancement of current ratio in the debt redemption ability is helpful to reduce the shell company the debt burden, but the property ratio of debt is higher, then Shell Company's debt redemption ability is weaker. It appears that ST Corporation is the fluidity insufficient by no means long-term unable to pay debts with their assets. The above 11 principal components will enter the regression analysis as the independent variable to the shell value. Finance condition of the shell company still will be the primary factor for the shell value, but the non-financial norm (company governess, stock market factor) has also contained the information which affects the shell value. The introduction of non-financial norm was helpful for the forecast ability'enhancement in the shell value.The fifth part puts forward the related policy and suggestion. On the base of empirical study, this part gives some suggestions which come from ST Corporation and complementarities of the reorganized the bilateral. They are helpful in the shell value'promotion. The paper discusses the ST companies'policy orientation from the angle of market supervision.The sixth part is the conclusion. This part summarized the content which this article research conclusion, the research flaw and the further studies. |
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