Research on the Survival Analysis of Chinese ST Enterprises

Abstract

For a long time, some companies have basically no revenue, but have not delisted from the market with poor performance, reflecting the embarrassment of the system. One of the reasons for the difficulty of enterprise delisting is the existence of ST companies in the market, which results in the scarcity of shell resources of listed companies. How to optimize the market exit mechanism has become an urgent problem to be solved. This paper selects Chinese listed companies that were processed by ST from 1998 to 2020 as the research object, and uses survival analysis to study the survival problems of ST companies, that is, the time rule of ST companies' delisting and delisting. The results show that the probability of capping incidents of listed companies after the implementation of special treatment increases first and then decreases, reaching a peak in the second year after the implementation of ST, and a substantial decline in the third year, and it can be achieved in the sixth year and beyond. Few ST companies have decapitated; the probability of delisting events of listed companies after the implementation of special treatment also increases first and then decreases, reaching a peak in the third year after the implementation of ST. In the fifth year and beyond, few ST companies have retired. city.