我国上市公司退市补偿制度研究

发布时间：2018-01-01 05:23

本文关键词：我国上市公司退市补偿制度研究　出处：《财政部财政科学研究所》2013年硕士论文　论文类型：学位论文

【摘要】：由于上市公司退市具有影响面广、投资者人数众多、造成损失巨大等特点,所以对上市公司退市的投资者权益的保护,值得各方关注。我国证券市场主要以散户为主体,广大中小投资者是证券市场的主要投资者,同时在资金数量、信息渠道方面又相对处于弱势。在我国上市公司连续亏损而退市的案例中,相当大一部分是由于内部人控制和大股东掏空上市公司造成的,中小投资者在公司的经营和决策上往往处于无助和无奈的地位,不但要承担市场的价格风险,而且还要额外承担企业的不当经营风险和财务不实风险。为了切实保护中小投资者的合法权益,要做好配套制度的设计和安排,当前要加快建立证券市场的投资者补偿基金制度。退市制度的核心是保护广大中小投资者利益,监管部门应尽快推出退市问责补偿机制,让哪些不符合上市条件的公司及时有序退市,从股市源头上就保证上市公司质量,让价值投资拥有坚实的基础,加快建立符合市场经济发展要求、具有中国特色的上市公司退市补偿制度,提高上市公司整体质量,形成有进有出、扶优汰劣、动态平衡的市场竞争格局。要实现这个目标,必须在现有退市制度外,设立证券投资者专项保护基金、补偿基金等制度。本文共分为四个部分：第一部分绪论,介绍论文研究的背景、意义和目标。第二部分我国上市公司退市及补偿制度概述,介绍了上市公司退市制度的内涵,我国上市公司退市制度的发展历程及存在问题,从而引出了建立上市公司退市补偿制度的必要性。第三部分万福生科案例分析,重点介绍了2013年万福生科因虚假陈述行为而造成投资者损失的案例,开创了A股市场自成立以来投资者损失由保荐机构先行赔付再向相关责任方追偿的先河,是中国资本市场利用市场化机制补偿投资者损失迈出的第一步,为推动建立多元补偿机制作出了重要探索。第四部分国外成熟证券市场退市补偿制度基本经验,重点介绍了国外上市公司的退市标准及退市补偿制度,特别是美国设立的公平基金制度,值得我们学习借鉴。第五部分提出我国建立上市公司退市补偿制度的初步思路与建议,将补偿基金作为保护基金的一个重要补充,进一步明确了补偿的条件、范围、标准,以及补偿基金的来源、用途和支付,使补偿资金制度具有较强的操作性。
[Abstract]:Due to the delisting of listed companies has a wide influence, the large number of investors, causing huge losses and other characteristics, so the protection of the rights and interests of investors of listed companies delisting, worthy of attention. China's stock market mainly takes retail as the main body, the majority of small and medium investors are the main investors in the stock market, while the number of funds, information channels and the relatively disadvantaged. In China's listed companies for losses delisting case, a large part is due to the internal control and the tunneling of large shareholders caused by small investors, often in a helpless and helpless position in the company's management and decision-making, not only to bear the market price risk, but also bear the extra the improper business risk and financial risk is not real. In order to effectively protect the legitimate rights and interests of small investors, to complete the system design and arrangement, when To accelerate the establishment of a stock market investor compensation fund system. The core of the delisting system is to protect the interests of investors, regulators should be introduced as soon as possible delisting accountability compensation mechanism, which does not meet the conditions listed companies delisting timely and orderly, ensure the quality of listed companies from the stock market source, so that the value of investment has a solid foundation. Accelerate the establishment conforms to the requirements of the development of market economy, listed companies delisting compensation system has China characteristics, improve the overall quality of listed companies, into a form of a market competition pattern, supporting the superior and eliminating the inferior, dynamic balance. To achieve this goal, we must in the existing delisting system, the establishment of securities investor protection fund special, compensation fund system. This paper is divided into four parts: the first part is the introduction, introduces the research background, meaning and purpose. The second part of China's listed companies delisting Overview and compensation system, this paper introduces the connotation of delisting system of listed companies, the development process of delisting system of listed company of our country and the existing problems, which leads to the necessity of establishing the compensation system of delisting system of listed companies. The case analysis, the third part focuses on the definition of Edmond, misrepresentation 2013 Edmond investors caused losses in the case A, a stock market since the establishment of the loss of investors by the sponsor Xianhengpeifu responsible parties related to the recovery of the first, is the first step in the market by the market mechanism China capital investors step, made an important exploration to promote the establishment of multiple compensation mechanism. The basic experience of the fourth part of the foreign mature stock market delisting compensation system and introduces the delisting standards and delisting compensation system of foreign companies, especially in the United States to set up the fund system of fair value. We have to learn from. Put forward the preliminary ideas and suggestions of establishing the compensation system of delisting system of Listed Companies in our country the fifth part, the compensation fund as an important supplementary protection fund, to further clarify the compensation condition, scope, standard, as well as the source of compensation funds, use and payment of compensation funds, the system has stronger operation.

【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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