我国创业板直接退市制度的可行性研究

发布时间：2018-04-11 09:05

本文选题：直接退市制度 + 中国创业板　；参考：《华东政法大学》2011年硕士论文

【摘要】：《我国创业板直接退市制度的可行性研究》一文是在我国创业板推出一年半的背景下,以直接退市制度为研究对象,结合海外创业板市场的运作实践以及我国主板、中小板市场的经验教训,探讨直接退市制度在我国创业板市场上的可行性问题。监管机构早在2009年10月30日创业板诞生之初就有意要实施直接退市制度。对创业板来说,实施直接退市制度是基本的也是必要的,它有利于市场的健康发展,加快退市流程,防止借壳上市。最近,深圳证券交易所向中国证券监督管理委员会递交了两次报告,一稿中提出要在创业板上实施直接退市制度,二稿中则强调允许退市企业进入股份代办系统,有意回避直接退市制度。笔者认为,创业板退市还是应该选择直接退市方案,但应当是有条件地推行。本文分为四个部分: 第一章分析我国创业板实施直接退市制度的可行性。根据我国现有的市场和法律基础,并参考海外实践经验,初步得出我国适合在创业板上构建直接退市制度。接着又阐述了实施直接退市制度对创业板的重要意义。第二章讨论我国创业板实施直接退市制度的前提。实施直接退市制度,需要有四个前提条件。一是改革新股发行管制,只有市场化的上市,才能保证市场化的退市。二是形成理性投资者氛围,只有市场中的投资者趋于理性,直接退市才能平稳推出。三是加强创业板监管,逐步释放直接退市中的风险。四是建立有效的退市渠道,须知缔造场外市场与发展创业板市场同等重要。第三章指出创业板实施直接退市制度的难题及其克服。虽然直接退市方案早已提出,但是要在现实中实施似乎还有点难度。面对当前存在的各方利益难以协调、违规违法现象严重、缺乏主动退市制度等问题,应有针对性地采取措施,减小退市阻力,克服退市难题。第四章着眼于完善我国创业板直接退市后的救济制度。投资者是证券市场的基石,一旦投资者对市场失去了信心,“证券大厦”就会轰然倒塌。明确实施直接退市制度与保护投资者利益原则并不矛盾。通过完善直接退市后的救济制度,维护好中小投资者的权益。最后得出当前我国适合在创业板上构建直接退市制度,但相关的实施前提、难题克服以及退市后如何救济也需要纳入考虑范围。否则,实施直接退市制度只能是一句空话。
[Abstract]:Under the background of the introduction of the gem for one and a half years, taking the direct delisting system as the research object, the article combines the operation practice of the overseas gem market and the main board of our country.This paper discusses the feasibility of direct delisting system in China's gem market.Regulators as early as October 30, 2009 when the birth of gem intended to implement the direct delisting system.For the gem, the implementation of the system of direct delisting is basic and necessary, which is conducive to the healthy development of the market, speed up the process of delisting, and prevent backdoor listing.Recently, the Shenzhen Stock Exchange submitted two reports to the China Securities Regulatory Commission. In one draft, it was proposed to implement a direct delisting system on the gem, and in the second draft, it was emphasized that delisting enterprises should be allowed to enter the share agency system.Intentional avoidance of the direct delisting system.The author thinks that gem delisting should choose direct delisting scheme, but it should be carried out conditionally.This paper is divided into four parts:The first chapter analyzes the feasibility of implementing the system of direct delisting on gem.According to the existing market and legal basis of our country, and referring to overseas practical experience, it is preliminarily concluded that China is suitable for constructing the system of direct delisting on the gem.Then elaborated the implementation of the direct delisting system on the gem significance.The second chapter discusses the premise of direct delisting on gem.The implementation of the direct delisting system requires four preconditions.First, the reform of new stock issuance control, only market-oriented listing, can ensure market delisting.Second, the formation of rational investor atmosphere, only investors in the market tend to be rational, direct delisting can smooth out.Third, strengthen gem supervision, gradually release the risk of direct delisting.Fourth, the establishment of effective delisting channels, it is important to create an off-the-counter market and the development of the gem market.The third chapter points out the difficulties of implementing the system of direct delisting on gem and how to overcome it.Although the direct delisting plan has long been proposed, it seems a bit difficult to implement it in reality.In the face of the existing problems such as the difficult coordination of the interests of all parties, the serious violation of the law and the lack of active delisting system, measures should be taken to reduce the delisting resistance and overcome the delisting problem.The fourth chapter focuses on perfecting the relief system after the gem delisting.Investors are the cornerstone of the securities market, once investors lose confidence in the market, the "securities tower" will collapse.There is no contradiction between the implementation of the direct delisting system and the principle of protecting the interests of investors.By perfecting the relief system after direct delisting, we should safeguard the rights and interests of small and medium investors.Finally, it is concluded that China is suitable to build a direct delisting system on the gem, but the relevant implementation premise, difficulties overcome and how to remedy the delisting also need to be taken into account.Otherwise, the implementation of the direct delisting system can only be an empty word.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

【引证文献】