基于ST板块的上市公司退市制度研究

发布时间：2018-01-22 19:12

本文关键词： 退市制度特殊处理均值比较分析 logistic回归　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：中国股票市场经过了二十多年的发展,虽然取得了不错的成绩,但是与发达国家的股票市场相比还是有较大的差距。上市公司退市制度一直是我国证券市场制度建设中的一个相对薄弱的环节。中国股票市场一直存在退市难的问题,经营很差的公司或者是差到一定程度的公司可以以很低的成本来维持公司的运作而不被退市。因此提升上市公司的质量水平及倡导理性投资值得关注与重视。本文研究退市制度的切入点主要是ST制度及ST板块,本文的研究对象是ST板块的退市制度。作为退市制度的缓冲机制,ST制度在对输送劣质公司走向退市起着十分重要的作用。本文主要探讨退市难及退市制度如何完善的问题。通过研究退市公司和ST公司,本文主要得出以下结论及建议：(1)我国退市的数量化标准相对于成熟市场而言较少；在非量化标准上虽然也有不少规定,但往往执行起来相对较困难。(2)在退市程序上,我国的退市制度的执行效率较低且实施的弹性较大。证券交易所按市场化退市制度来批准退市的权限较小。(3)ST制度的执行效益并不高,ST制度真正为良性公司提供退市缓冲的作用只占其中很小的一部分,大部分劣质公司还是长期混迹于ST板块中,而且这些公司并无好转的迹象。(4)ST公司的摘帽规则有待细化,我们还要及时关注摘帽公司的资产规模及质量,对摘帽公司的短视行为给予揭示。(5)在识别与度量退市风险方面,logistic模型的结果表明公司的总资产周转率及大股东是否变更对劣质的上市公司是否退市起到很大的影响。完善我国退市制度的建议：(1)我国上市公司应加强退市制度中数量化指标的建设,加强退市制度的执行效率；(2)我国股市中ST制度的执行效率较高,但是执行效益较差,ST制度作为退市制度的缓冲机制亟待完善；(3)ST公司摘帽标准有待进一步细化和更严格的规定；(4)现有的退市制度过于温和,我国股票市场亟需更加严厉的退市机制,从而达到净化我国的股票市场和保持我国股市的长期健康发展的目的。本文共分六章：第一章导论；第二章主要研究退市制度的相关理论；第三章主要研究及比较国内外退市制度的发展历程与现状；第四章主要对ST制度实施效果进行实证分析；第五章对上市公司退市风险进行了识别与度量；第六章为结论与建议。
[Abstract]:China's stock market has been developed for more than 20 years, although it has achieved good results. However, compared with the stock market in developed countries, there is still a big gap. The delisting system of listed companies has always been a relatively weak link in the construction of China's securities market system. China's stock market has always been difficult to delist. The problem. The poor company or the poor company can maintain the operation of the company at a very low cost without being delisted, so it is worth paying attention to to improve the quality level of the listed company and to advocate rational investment. The entry point of this study is St system and St plate. The object of this paper is the delisting system of St plate, which acts as the buffer mechanism of delisting system. St system plays a very important role in the transportation of inferior companies to delisting. This paper mainly discusses the problems of delisting and how to improve the delisting system. Through the study of delisting companies and St companies. This paper draws the following conclusions and suggestions: (1) the quantitative standard of delisting in China is less than that of mature market; Although there are many provisions on non-quantitative criteria, they are often relatively difficult to implement) in the delisting process. The implementation efficiency of the delisting system in our country is low and the implementation is more flexible. The executive benefit of the stock exchange to approve the delisting system is not high according to the market delisting system. St system for benign companies to provide a delisting buffer only a small part of which, most of the inferior companies or long-term mixed in the St plate. And these companies are not improving the signs of St companies to refine the rules, we also need to pay attention to the size and quality of assets. To reveal the short-sighted behavior of the company. 5) in the identification and measurement of delisting risk. The results of logistic model show that the turnover rate of total assets and the change of major shareholders have a great influence on the delisting of inferior listed companies. China's listed companies should strengthen the construction of quantitative indicators in the delisting system. Strengthening the efficiency of the delisting system; (2) the implementation efficiency of St system in Chinese stock market is relatively high, but the efficiency of St system is poor and the St system as the buffer mechanism of delisting system needs to be improved. The standard of removing cap of St company needs to be further refined and more strict regulation; 4) the current delisting system is too mild, and the stock market in our country needs more severe delisting mechanism to purify our stock market and maintain the long-term healthy development of our stock market. This paper is divided into six chapters: the first chapter is an introduction; The second chapter mainly studies the relevant theory of delisting system; The third chapter mainly studies and compares the development course and the present situation of the delisting system at home and abroad. Chapter 4th mainly carries on the empirical analysis to the St system implementation effect; Chapter 5th identifies and measures the delisting risk of listed companies; Chapter 6th is the conclusion and recommendation.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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