| ST system,as a product under the background of China’s specific financial market,it is undeniable that,to some extent,plays the role of supervising,supervising and supervising the capital market in this period,making the majority of investors will be particularly cautious in the face of ST or * ST listed companies when investing.At the end of 2020,some new regulations were put forward on delisting,which involve the financial indicators of net profit and operating income combination.Relevant parties further describe and clarify the contents,so that companies with continuous losses in the process of production and operation,and companies with income scale less than 100 million can be further identified.In addition,the connotation of net profit is clear,let some companies for a long time by selling assets to avoid the delisting problem was further solved,in the process of development of some long-term subsidies from government departments or sell assets to shell enterprises will face stock delisting problem,but also make production and operation mode is relatively normal,but not during the profit of technology enterprises or other temporarily in losses do not have to face the risk of delisting.When given a delisting risk warning,in order to improve the company’s profit situation and enhance investors’ investment confidence,listed companies tend to artificially manipulate the company’s profit status under the premise of not violating accounting standards.Different from the regular business,the non-recurring profit and loss is accidental,and the correlation with the company’s main business is low,which leaves a certain operating space for the listed company.The research method selected in this paper is case study.First,the basic background of this creation and the value and significance of specific research are put forward,and on this basis,the theoretical basis is clearly analyzed.The third part is the case introduction,select the Beijing shares as the case study object,starting from its industry background,introduced the two consecutive successful "cap" events.The fourth part is the key chapter of this article,which is mainly to identify the capital shares using non-recurring profit and loss.The author believes that the motivation of non-recurring profit and loss management include listing qualification,executive compensation and improving external financing ability.The main means are non-liquid assets disposal,related party transaction and government subsidy.Then,event analysis is used to study the market reaction of this event.According to the financial data of the seven years involved in the two removal events from 2015 to 2021,the indicators of their solvency,operating ability,profitability and development ability were selected to analyze the economic results,so as to further clearly reflect the advantages and disadvantages brought by the surplus management of listed companies.The fifth and sixth part are the conclusion and suggestions.According to the economic results brought by the management of share surplus in Beijing,and makes reasonable suggestions on the capital market system,listed company regulations and third-party regulatory agencies. |
