中美退市制度及其比较与分析

发布时间：2018-01-15 03:12

本文关键词：中美退市制度及其比较与分析　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券市场是市场经济的产物,它在资源合理配置,经济发展,提高国民收入等方面都扮演着重要的角色。上市公司是证券市场的重要组成部分,上市公司运行质量的好坏对证券市场能否顺利发展起着至关重要的作用。而作为证券市场制度建设的重要部分,退市机制是提高上市公司质量,促进证券市场繁荣的有力保障。退市机制建设的是否完善、运行状况都会长期影响一个国家上市公司的运行质量,证券市场的资源配置功能能否实现影响着整个市场的风险控制程度。长期以来,我国缺乏健全的上市公司退市机制,导致证券市场违法违规的情况越来越多,证券市场存在大量劣质公司,浪费社会稀缺资源,同时造成整个证券市场投机氛围浓重,影响了市场的健康发展。在退出机制正式实施至今的近十年来,同国外成熟市场相比,我国退市标准和退市程序都有待完善。本文比较了当前我国上市公司退市机制同美国的退市机制,分析了中国股票市场存在的问题。首先是介绍美国成熟股市的退市。这部分阐述了纽交所和纳斯达克市场退市制度的发展,及各自的退市标准和退市流程,通过分析纽交所和纳斯达克市场退市公司的数量及所占比重来判断美国退市政策的实施效果。其次是研究中国沪、深股市的退市。本章节先介绍了我国证券市场发展历程、退市程序和退市标准并且查找退市的数据来分析退市政策的实施效果。后一部分是政策实施效果的实证分析,主要目的是分析我国被ST股票大部分都能通过撤销ST返回证券市场的现象,研究哪些主要因素有助于ST公司撤销ST,使这些公司能够成功摆脱退市的命运。通过实证分析来揭示退市制度实施效果不佳的原因,运用均值比较分析和logistic回归分析,找出上市公司股票成功撤消ST的影响因素。然后是中美制度比较与分析。分为批准权限、退市标准、实施效果三个方面的比较。从而得出五个方面有关美国退市多的原因。文章最后一章为结论分析及政策建议。本文的创新之处是：在研究我国退市制度时,已有研究强调被特别处理的股票通过哪些方式最有可能撤消ST,本文则更关注在被特别处理的公司中,有哪些公司最有可能得到挽救而免于退市,即具备什么样性质和财务情况的ST公司首先被考虑撤消ST。
[Abstract]:The securities market is the product of the market economy, which plays an important role in the rational allocation of resources, economic development and national income. Listed companies are an important part of the securities market. The running quality of listed companies plays a vital role in the smooth development of the securities market. As an important part of the construction of securities market system, the delisting mechanism is to improve the quality of listed companies. Whether the construction of delisting mechanism is perfect or not will affect the running quality of a country's listed company for a long time. Whether the resource allocation function of the securities market can influence the risk control degree of the whole market. For a long time, the lack of a sound delisting mechanism of listed companies in our country has led to more and more illegal and illegal situations in the securities market. There are a large number of inferior companies in the securities market, which waste the scarce resources of the society. At the same time, the speculative atmosphere of the entire securities market is heavy, which has affected the healthy development of the market. Compared with foreign mature markets, China's delisting standards and procedures need to be improved. This paper compares the delisting mechanism of China's listed companies with that of the United States. This part describes the development of delisting system of NYSE and NASDAQ, and their respective delisting standards and delisting process. By analyzing the number and proportion of delisting companies in NYSE and NASDAQ to judge the effect of delisting policy in the United States, the second is to study China Shanghai. Deep stock market delisting. This chapter first introduces the development of China's securities market. The last part is the empirical analysis of the effect of delisting policy. The main purpose of this paper is to analyze the phenomenon that most of the St stocks in our country can return to the securities market by withdrawing St, and to study which main factors are helpful to St companies to withdraw St. To enable these companies to successfully get rid of the fate of delisting. Through empirical analysis to reveal the reasons for the poor implementation of the delisting system, using mean comparison analysis and logistic regression analysis. Find out the factors that affect the successful withdrawal of St in listed companies. Then the comparison and analysis of the system between China and the United States, divided into the approval authority, delisting criteria. The last chapter is the conclusion analysis and policy recommendations. The innovation of this paper is: in the study of China's delisting system, there have been studies on the special treatment of the stock through which the most likely to withdraw STs, this article is more concerned about the special treatment of the company. Which companies are most likely to be rescued from delisting, that is, St companies of what nature and financial standing are the first to consider withdrawing STs.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F831.51

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