特別處理(special treatment，簡稱ST )制度是中國大陸針對營運產生問題的公司，所建立的一項下市緩衝機制。本研究以1998年至2007年曾實行特別處理的134家公司為研究對象，探討ST公司重返正常市場之策略作法及其效果。 單變量分析結果顯示，成功返回正常市場之樣本公司，採行調整營業效率以及調整營運架構作法之比率高於失敗組，採行調整經營階層以及調整財務結構作法之比率則略低於失敗組。探討策略性作為與是否成功返回正常市場關聯性之迴歸結果發現，策略性作為於控制變數之外，提供增額的解釋能力。其中，調整經營階層(異動董事長或總經理)、調整營業效率(降低成本、增加收入及出售固定資產)及調整營運架構(強化資訊系統與策略聯盟)有助於ST公司返回正常市場。至於調整財務結構策略則與預期不符，對公司返回正常市場有顯著負向的影響。 / Put listed companies under special treatment (ST) is a mechanism implemented in China capital market for suspending and terminating listed companies that suffer continuous losses. Based on a sample of 134 ST firms over the period of 1998 to 2008, this research investigates the types and their related effects of turnaround strategies employed by the China ST companies. The univariable anaysis shows that the turnaround ST firms are more inclined to adopt strategies associated with operating and asset restructuring activities, while the firms failed to recover are more likely to adopt strategies related to managerial and financial restructuring activities. In the regression analysis, the empirical results show that turnaround strategies have incremental explanatory power beyond the control variables. In addition, the findings also indicate that strategies related to managerial restructuring (changes in board directors or managers), operating restructuring (cost reduction, revenue generation and sales of fixed assets) and asset restructuring (improve information system and the relationship with strategic alliance) activities contribute most to successful corporate turnarounds. However, inconsistent with the expectation, the strategy related to financial restructuring activities is negatively associated with the ST turnaround.