Research Of ST Companies‘ Performance Indices After "Pick Cap"

Since 1998, China began to implement the ST( special treatment) system, nearly 700 listed companies have been subjected to special treatment, in which many 2 degree even 3 degree belt hat to be listed. In the current domestic stock market ushered in a bull market historical background, ST corporation “put off hat” and “the belt hat” becomes the topic which fried hotly, ST corporation ’s share price volatility is much higher than other listed companies. In this paper, by using the mean value analysis, T test, logic test and other methods, to predict the ST performance after “put off hat”.This paper attempts to assist the investor in an earlier judgment: Whether the cancellation of special treatment of ST company can be helpful for the companies to get rid of the financial difficult position. We discovered “each management cash class” and “the account receivable cycling rate”, “the overall will be supposed to count the profit” after to put off hat the first year then early forecast company future the achievement; and the auditing opinions of certified public accountants in the third and fourth year after the removable cap to show and future performance strong correlation, compared with other financial indicators with hysteresis. But ST Corporations’ nature(whether for state-owned holding) has no effect on the success of ST Corporations’ put off halt, simultaneously the assets reorganization is a method which a practical effective help to recognition ST Corporations’ success puts off hat.