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基于壳资源价值的ST公司股价实证研究

发表时间:2013-05-31  浏览量:1027  下载量:494
全部作者: 景泽京,扈文秀
作者单位: 西安理工大学经济与管理学院;郑州银行战略发展部
摘 要: 利用主成分分析和回归分析方法对2002年至2010年度的主要被特别处理的(special treatment,ST)公司股价进行实证检验,检验结果显示:ST公司股价主要影响因素来自外部宏观环境,其中股价对“年度*ST公司数量”这一因素最为敏感;而在自身因素方面,ST公司股价与公司规模和壳资源的干净程度有一定关系,但与公司所处行业和资产质量关系不大。研究结果还显示:尽管近些年来创业板市场开办和直接公开上市(initial public offering,IPO)的公司数量增加,但是ST公司的价格仍然没有下降的趋势。
关 键 词: 企业管理;股价;因子分析;壳资源;被特别处理的上市公司
Title: Empirical study on ST company stock price based on shell-resource value
Author: JING Zejing, HU Wenxiu
Organization: School of Economics and Management, Xi’an University of Technology; Department of Strategic Development, Bank of Zhengzhou
Abstract: With principal component analysis and regression analysis method, this research carried on some empirical tests for main special treatment (ST) company’s share price during 2002-2010. These specific influencing factors of ST company stock price were processed and the results showed that the main influencing factors was the exterior macroscopic environment, specially the ST stock price was more sensitive to “year * the number of ST company”. While in these internal influencing factors, ST companies’ stock prices had a certain relationship with the scale of company and the clean degree of shell resource, but the industry trade which the ST company belonged to and the asset quality in accounting had little influence on stock prices. The empirical study results also showed that, although the Growth Enterprises Market had been opened and the initial public offering (IPO) number was increasing in recent years, ST companies’ prices still didn’t show any downward trend.
Key words: business administration; stock price; factor analysis; shell resource; special treatment company
发表期数: 2013年5月第10期
引用格式: 景泽京,扈文秀. 基于壳资源价值的ST公司股价实证研究[J]. 中国科技论文在线精品论文,2013,6(10):943-950.
 
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