“特別處理”發(fā)揮了應有的公司治理作用嗎？
全文總計12頁 10，800字
【摘 要】特別處理（Special Treatment），簡稱ST，是中國證券市場上對出現(xiàn)異常狀況的上市公司的特別標示。作為一種制度安排，特別處理制度理論上應該起到督促經(jīng)營者改善企業(yè)業(yè)績、保護投資者權益、吸引潛在的企業(yè)接管者這三方面的公司治理作用。本文具體考察了26家1998年被“特別處理”的上市公司，分析了ST公司被特別處理的原因、特別處理后公司業(yè)績的改善情況以及改善原因。發(fā)現(xiàn)盡管有半數(shù)的公司在1999年之后被取消了特別，但是絕大部分企業(yè)并沒有通過增強企業(yè)的核心能力而改善業(yè)績，相反的，企業(yè)的護“殼”心理和短期行為嚴重。二級市場上通過重組消息對ST股票進行炒作的現(xiàn)象明顯。事實說明“特別處理”制度沒有發(fā)揮明顯的公司治理作用。

【關鍵詞】特別處理 公司治理

[Abstract] “Special Treatment”, abbreviated as ST, is used to mark the stocks, which are confronted with the financial or other abnormal situations. Theoretically, ST policy should have been useful for pushing managers to add efforts to enhance the firm’s competitiveness, protecting the investors’ interests, and attracting potential take-over actions. In this article, we examined 26 public firms that were specially treated in 1998. We analyzed why they were marked by ST, and whether and how they had improved their performances. We found that most of the ST firms couldn’t improve their performances by enhance their internal competitiveness, whereas they took the advantage of many short-term actions to protect their “shell” resources. Also, ST stocks were largely speculated because ST stocks involved lots of asymmetric M&A information. In conclusion, “Special Treatment” policy is not as useful for corporate governance as it is expected theoretically.

[Key Words]
Special Treatment Corporate Governance

參考書目：
1、 《中國證券報》，1998—2000年各期
2、 《中國經(jīng)營報》，1998—2000年各期
3、 《中華人民共和國公司法》，1999
4、 《中華人民共和國證券法》，1999
5、 《深圳證券交易所股票上市規(guī)則》，2000
6、 《上海證券交易所股票上市規(guī)則》，2000
7、 《股票發(fā)行與交易管理暫行條例》，1993