The Research Of Value Anomalies Of "ST Companies"

ST companies is kind of special enterprise in listed companies, they are faced with high business risk, financial risk and policy risk; their financial data and indicators are all in a state of negative; there is no way to estimate the their stock prices through the traditional enterprise valuation model; their stock prices have deviated from the system, and cannot be completely explained by existing information. The so-called "Value Anomalies " in this paper mainly includes two aspects:the first is the deviation of the enterprise market value and the intrinsic value, second is ST enterprise’s market value’s unrest and inversion.In this paper, combined with the traditional enterprise valuation theory and methods and behavior finance theory to interpret ST companies’" Value Anomalies ". Conclusion compared the domestic and foreign scholars research on enterprise value assessment theories and methods, this paper adopt a pricc-to-sales ratio of marketing model as ST corporate intrinsic value assessment method; Combined with research results of behavioral finance theories conducted by scholars both from home and abroad, interpret the "Value Anomalies" of Chinese market ST enterprise from individual investors" behavior, decision-making, group behavior. etc. Twice regression analysis in the empirical part, this article through regression analysis to find out the factors that affect enterprise value deviation degree, for the first time, the regression analysis sample ST companies to identify significant factors; A second regression analysis sample the ST companies and market normal listed companies, together with the significant factors in first regression as control variables, and plus "the enterprise whether be ST" to verify assumptions through another regression analysis.On the basis of the above theoretical analysis and empirical analysis, the author proposes the opinions and Suggestions that the ST companies and investors could be benefit...