我国退市新政的合理性研究

发布时间：2018-03-08 18:46

本文选题：2012退市制度　切入点：非经常损益　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国的上市公司退市机制自2001年启动以来,经历了从无到有、不断发展完善的过程,但实施效果却不尽如人意。究其原因是旧的退市制度存在着一定的漏洞与缺陷,使得大量的绩差公司滞留在市场中。2012年沪深两市相继推出了创业板、主板和中小板市场的新退市制度,退市新政纳入了净资产以及市场交易类的指标,并增加了与非经常性损益相关的准则,为退市制度的改进迈出了实质性的一步。本文分别以2012年退市新政中的三项新增指标为切入点,选择合适的计量模型,分别从理论及实证的角度验证了“扣非”准则、净资产指标、成交量指标纳入退市新政的必要性与合理性,并最终得到结论,明确了“扣非”准则和净资产指标纳入退市制度的重要意义,但是对于市场交易类的成交量指标的纳入提出了质疑。最后,我们假设退市新政实施于A股市场,通过计算新规实施前后A股市场的退市率的变化、市场PE水平的调整以及市场平均换手率的差异,以“合适的退市率”、“合理的股价变动”以及“良好的投资氛围”这三方面作为衡量标准,全面综合的度量了2012年退市新政相较于旧的退市制度改善的程度和发挥的实质性的作用。
[Abstract]:Since 2001, the delisting mechanism of listed companies in our country has experienced a process of continuous development and perfection, but the implementation effect is not satisfactory. The reason is that the old delisting system has some loopholes and defects. In 2012, the Shanghai and Shenzhen stock markets introduced a new delisting system for the gem, the main board and the small and medium board markets. The new policy of delisting incorporated net assets and market transaction indicators. It also adds the criterion related to the non-recurrent profit and loss, and takes a substantial step for the improvement of the delisting system. This paper takes the three new indexes in the New deal of delisting in 2012 as the starting point, and selects the appropriate measurement model. From the theoretical and empirical point of view, the paper verifies the necessity and rationality of "deduct" criterion, net assets index and turnover index into the new deal of delisting, and finally draws a conclusion. This paper clarifies the importance of "deduct" criterion and net assets index into the delisting system, but questions the inclusion of the trading volume index in the market. Finally, we assume that the new policy of delisting is implemented in the A-share market. By calculating the changes in the delisting rate of the A-share market before and after the implementation of the new regulations, the adjustment of the PE level in the market and the difference in the average turnover rate of the market, "appropriate delisting rate", "reasonable stock price movements" and "good investment climate" are used as the yardstick. Comprehensive measurement of the new policy of delisting in 2012 compared with the old delisting system to improve the degree and play a substantive role.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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