ST公司与中国资本市场的行政性治理

伴随着中国资本市场的跳跃式发展，中国的投资者保护的法律基础依然很薄弱。这时，政府的行政性治理就在资本市场发展中扮演着重要角色。作为配额制的补充，ST制度通过引入退市威胁来解决公司上市后的道德风险问题。鉴于配额制的声誉和激励效应，地方政府出于维护本地企业绩效从而维持本地区股票发行配额的考虑，总是会有动机出手营救或重组其所在地的上市公司。在本文中，我们考察了1998—2003年间的中国ST公司，发现地方政府总是会千方百计地通过补贴或重组来改善ST公司的业绩，这也显示了ST制度作为行政性治理机制在中国资本市场发展过程中的特殊作用。

With the jump-starting development of its stock market, China faces a very weak legal foundation for the protection of its investors and the regulation of its financial market. So the administrative governance conducted by governments plays a central role in promoting the development of the stock market.ST system, as a complement to the quota system, is introduced to deal with the problems of post-IPO moral hazard by imposing the threat of de-listing. Given the reputation and incentive effects of the quota system, the local governments want to maintain a good performance of their listed companies so that they will help organize a rescue or a restructuring of the ailing listed companies. In this article, we examined 165 public companies that were "specially treated" from 1998 to 2003.Our results show that government subsidies as well as various restructuring activities have helped ST firms to improve their corporate performance. This demonstrates the effectiveness of ST system as an administrative governance mechanism in maintaining the vigor of China’s stock market.