论文部分内容阅读
以1998年到2004年全部A股公司为样本,本研究系统考察了被特别处理(ST)公司的股票交易特性与估值。结果发现,当上市公司被实施ST以后,其股票交易显著偏离市场指数,呈个性化波动态势;在被实施ST期间,公司价值被显著低估。这一发现意味着投资者在投资ST股票时,总体是理性的,ST政策发挥了预期的警示作用。
Taking all A-share companies from 1998 to 2004 as samples, this study systematically examines the characteristics and valuation of stock transactions by special processing (ST) companies. The results show that when the listed company is implemented ST, its stock trading deviates significantly from the market index, showing the trend of individual volatility; during the implementation of ST, the company’s value is significantly undervalued. This finding means investors are generally rational in investing in ST shares and ST policy has played the expected cautionary role.