Rrsearch On Implementation Effects And Inner Reasons For The Listed Companies Under The Special Treatment System

Due to the scarcity of company listing qualification, once the shares are under the special treatment (ST), the primary job is making great efforts to improve the business performance to achieve the goal of uncapping for the listed companies. Based on the rules of ST, the companies under the ST may apply to the stock exchange for uncapping after the elimination of the ST, that is the extrinsic factor of annulment ST. An external single index often reflect the result of implementation after the decision-making, it is difficult to really reflect the internal factors of uncapping for the listed companies under the ST, So which the internal factors may help the listed companies under ST to easily uncapping, and how is the long-term performance after uncapping, those are the mainly the research purposes of this paper.Implementation effect of ST for the listed companies is studied by the combined methods of criterion and demonstration research in this paper. The contents are as follows:The chapter one mainly introduces the background and purport, a summary of literature research, the research method and the research logic as well. The second chapter shows the development history of the ST in our country, and the third chapter does research on uncapping action of the companies under the ST by using Logistic regression model and indicates the inner driving factors of uncapping action. Also we study the changes of business performance for those listed companies after uncapping by the descriptive statistics method and the Wilcoxon test method and summarize and review the research conclusion of this paper, give some suggestion and point out the future research direction in the chapter four and the chapter five, respectively.The results show that:(1)The influencing factors of the uncapping action for the listed companies under the ST include the reason of being under the ST, the nature of the controlling shareholders, and the first shareholder’s shareholding proportion. However the return on net assets (ROE) and asset-liability ratio (ALR) said the profitability and debt paying ability in turn could not make obvious effect on the uncapping action for the listed companies.(2)Based on the study results of a-five-year observation period (2006.1-2013.6), the operating performance of the listed companies has a good performance in a short time, but in the long term the implementation effect of ST is unsatisfactory.