The Research On Relationship Between Surplus Structure And Stock Value Of ST Company

ST system is our specific system which gives a survival opportunity to listed companies and protect the investors'benefit.The ST company will do their best to turn losses into gains. Therefore,both listed companies and investors should pay much attention to the sources of income and the proportion of various income in total profit. It can help them realize the true income quality. This article can help the investors analyse the surplus quality of ST companies and invest rationally.With the comparison of surplus structure and surplus quality,it can supply controlling metheod of surplus management and evidence of existing surplus management degrees to the policy makers.It gives good advice to the management on the supervision of listed companies and the actual situation of our securities market. It also gives good instruction to investors about how to use financial information and lead correct capital flows and resource distribution. It can also leads to an open ,fair,just,rational and efficient market.This article gives a comprehensive analysis on the documents about the relationship among surplus structure, surplus management and stock value of ST company. Then it gives a analysis on present surplus structure. With present system and theory background, this article intends to give a study on surplus structure, the influence on stock value by different ratios of operation income and non-operation income in net profits and the study on the influence of different income sources on investors.Then, it gives theoretical analysis and hypothesis on the influence of surplus structure on surplus quality and stock value.With balance checking and descriptive statistic analysis, it gives a result that apparent changes happened on the ratio of operation income in net profits with new accounting standards. With correlation and partial correlation analysis, it gives a result that asset impairment losses and changes in fair value are non-corralation with changes of stock value. With regression analysis, it is found that there is inverse proportion relaiotnship between the ratio of non-operation income in profits and the change of stock value, but not apparent and proportion relaiotnship between the ratio of operation income and the change of stock value. With above analysis and demonstration, regarding supervision and system construction, accounting standards and information release, investment and company structure, this article gives a constructive advice on surplus management and its influence on stock value of ST company. This article gives constructive advices. For regulatory authorities,net profit should not be the only item to consider,but also other items.For accounting rule makers,rules shuld be standardized.For investors,the operation income,cash flow, extraordinary profit or loss,the change of operating capital and preparation of assets deduction should be observed. For listed companies,they should improve their internal governance structure and push their senior managers to be professional and specialized.