我国创业板上市企业退市机制研究

发布时间：2018-03-13 08:26

本文选题：退市规则　切入点：信息披露　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：近二十年来，许多国家和地区为了完善本国资本市场的层次体系、促进创新和中小企业的发展、满足投资者多元化的投资需求，在发展主板市场的同时，推出了各种类型的创业板市场。我国也应市场需求建立了自己的创业板，，但由于刚刚成立不久，制度建设还不健全，众多的市场参与者、学者和政策制定者在经历了公司上市、投资的热潮后，陷入了大量上市公司业绩急剧下滑、市场信誉扫地的尴尬境地，大量劣质公司滞留在市场中拉低了市场的整体质量，流动性受阻致使创业板市场无法充分发挥其在定价和优化资源配置方面的作用，人们开始理性的思考问题的症结所在，创业板市场退市制度开始引起越来越多的关注和讨论。本文即致力于我国创业板上市企业退出机制的研究。创业板退市制度是创业板市场乃至整个证券市场制度建设的重要内容，退市制度的有效实施对于整个证券市场的规范发展有着重要意义。本文首先明确了退市的基本框架和概念，强调了退市制度存在的必要性。在充分了解退市机制所涵盖的内容后，通过全面、系统的了解海外创业板市场的发展状况，对其退市制度设计和具体实施细则进行深入的研究，寻找其具有突破性、创新性的设计亮点，结合我国创业板市场退市机制目前的发展状况及制度运行的大环境进行可行性分析，最终提出完善我国创业板退市机制的建设性意见。除了对现行退市标准和退市程序的适当改进，本文更加注重强调信息披露制度的完善和企业退市后的一些相关制度安排，尤其是企业退市后的去向问题和投资者权益的保护问题。
[Abstract]:In the past two decades, in order to improve the hierarchy of their capital markets, to promote innovation and the development of small and medium-sized enterprises, and to meet the diversified investment needs of investors, many countries and regions have developed the main board market at the same time. China has also set up its own gem according to the market demand. However, because of the recent establishment of the gem, the construction of the system has not been perfect, and many market participants, scholars and policy makers have experienced the listing of companies. After the upsurge of investment, a large number of listed companies suffered a sharp decline in performance, and the market reputation was destroyed. A large number of inferior companies were stranded in the market and the overall quality of the market was lowered. Because of the blocked liquidity, the gem market is unable to give full play to its role in pricing and optimizing the allocation of resources. People begin to think rationally about the crux of the problem, and the delisting system of the gem market begins to attract more and more attention and discussion. This paper is devoted to the study of the exit mechanism of listed enterprises on the gem, which is an important content of the gem market and even the whole securities market system construction. The effective implementation of the delisting system is of great significance to the normative development of the entire securities market. Emphasizing the necessity of the delisting system. After fully understanding the contents covered by the delisting mechanism, and through a comprehensive and systematic understanding of the development of the overseas gem market, it makes an in-depth study on the design of the delisting system and the detailed rules for its implementation. To find its breakthrough, innovative design highlights, combined with the gem market delisting mechanism of the current development situation and system operation of the general environment for feasibility analysis, In addition to the proper improvement of the current delisting standards and procedures, this paper pays more attention to the perfection of the information disclosure system and some relevant institutional arrangements after the delisting of enterprises. Especially after the withdrawal of enterprises from the market and the protection of investors' rights and interests.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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