与非ST公司相比,ST公司存在财务结构恶化、负债率明显偏高、资金周转缓慢、盈利能力差、每股净资产低等特征。但由于其拥有“壳”资源,因而总能受到市场的狂热追捧,甚至出现市场反应与其财务经营状况严重背离的反常现象。形成这一现象的原因是多方面的:其一,在我国特有的市场环境下,上市通道主要为国企大盘股的发行 Compared with non-ST companies, ST companies have deteriorated financial structure, debt ratio was significantly higher, slow cash flow, poor profitability, low net assets per share. However, due to its “shell” resources, it can always be sought after by the market fanatics, and even anomalous phenomena such as market reaction and serious deviation from its financial management. The reasons for the formation of this phenomenon are many: first, in our unique market environment, the listing channel is mainly for large state-owned shares issued