The Study On ST Company Of Chinese Delisting System

In May 2014, The securities said in micro interview that will take investors’rights and interests as the core, promote the reform of the delisting system further, establish a legal system, marketization and normalized delisting mechanism, but investor protection problem is a bottleneck for delisting system of listed companies in China. As is known to all, the delisting mechanism of listed company can be survival of the fittest, improve the efficiency of delisting system implementation is to get the losses company of the poor management out of the stock market, so as to ensure the normal operation of the securities market, purify the securities market effectively, in order to achieve the purpose of investor protection. But, the implementation effect of the current delisting system is not so satisfactory, shortage of public resources, Compared to rhe other mature markets, the delisting proportion extremely low of Chinese, causes the securities market channel is not smooth. Subsequent, the operational efficiency of the delisting system of listed companies in China become the focus of controversy.Based on ST company as the research sample, the special processing system (ST) of the Chinese securities market company delisting system, to examine operation effect of the relevant delisting system in our country. Mainly includes two parts of the empirical test, including market transaction behavior under ST announcement effect test to verify the influence on market transaction behavior of the ST announcement effect, as well as the influence on ST announcement effect of the relevant market trading behavior about the prior to the announcement. The corporate governance effect parts, verify the corporate governance factors’influence on the probability of special treatment and delisting processing. Through the above research to draw a conclusion:(1) the more speculative behavior prior to the announcement of the ST stock market, the stronger the ST announcement effect, but its impact on the subsequent market speculative behavior is not significantly inhibition; Prior to the announcement of the ST stock yield is higher, then the ST announcement effect is smaller, good operating performance market trading environment can bring the negative effect of ST announcement weakening; Having high asset-liability ratio of listed company, the ST announcement reaction is also more strongly. The equity concentration index corporate governance factors have significant effect for the loss listed companies reducing the ST processing probability, but for the ST companies are delisting processing have no obvious effect.