Empirical Study On Multiple Composite Indicators Of Special Treatment System For Listed Companies

China's capital market has completed the whole history that some mature markets experienced for several decades just in 20 years, and the world was shocked by its speed. But the institutional weaknesses and structural contradictions accumulated in the capital market's developing process has been starting to show gradually. Our government has been committed to continuously improve the capital market regulatory regime over the years, Notification for Special Treatment Approach of Listed Companies'Stocks issued by SRC of China, has been regarded as a powerful tool which was used by the government to protect the interest groups especially the small investors. Despite the determine indicators of the abnormal financial situation in Special Treatment have been changed several times, they still focus too much on profit indicators. Therefore, how to improve the ST System has become a new topic in academic.Based on the comprehensive review and evaluation of correlative researches in Special Treatment home and broad, This paper put forward several issues such as finding a new research perspective, improving selection of indicators and regional testing of models in order to overcome the lack of current research and to enrich the existing research results. Then, analyze the disadvantages of using simple profit indicators to measure the financial situation of listed companies, and illustrate the necessity and feasibility of building a comprehensive multi-index model.We choose 29 ST companies and 29 matching samples of the same times, the same industry and the similar capital. Firstly, analyze the difference in 16 financial ratios and11 of them was significant, also with factor analyze we can get 6 factors to struct a financial indicators model, then analyze the difference in 6 non-financial ratios and get 4 significant factors to get a better composite model, which can identify the ST companies in a higher accuracy rate. In the end, the paper has tested the regional applicability of the model to listed companies in Shandong Province, in order to provide some recommendations for the local government in combination of the listed companies'characteristics.