我国主板市场退出机制探究

发布时间：2018-04-16 01:10

本文选题：主板市场 + 退出机制　；参考：《学术交流》2010年10期

【摘要】：我国沪深主板市场成立至今,只有43家公司因为连续亏损退出市场,各年退市公司数占当年末上市公司数的比重不到1%。从股票终止上市相关规定来看,我国的退市标准过分关注于连续三年亏损,退市的数量标准形同虚设;投资者利益维护、损害赔偿等问题缺乏相应的规定;现有的证券发行上市制度使上市公司不舍离场;代办股份转让系统发展方面不明确。一系列问题造成我国主板市场退出机制建设停滞不前。针对这些问题,我国应加大对会计信息的监管力度,杜绝"报表重组";明确退市程序和救济措施,建立相应的责任追究机制和民事损害赔偿制度;尽快完善股票发行市场化改革,新股发行由交易所自主负责;完善代办转让系统融资功能和转板机制建设,使我国主板市场退出机制更加明确和有效。
[Abstract]:Since the establishment of the main Board of Shanghai and Shenzhen, only 43 companies have withdrawn from the market because of continuous losses, and the number of delisting companies accounts for less than 1% of the number of listed companies at the end of that year.From the point of view of the relevant provisions on the termination of the listing of stocks, the delisting standard of our country pays too much attention to the losses for three consecutive years, the quantity standard of delisting is virtually empty, the protection of investors' interests, the compensation for damages, and so on, lacks the corresponding provisions.The existing system of issuing and listing of securities makes the listed company leave the market, and the system of agency share transfer is not clear.A series of problems cause the construction of withdrawal mechanism of main board market to stagnate.In view of these problems, our country should strengthen the supervision of accounting information, put an end to the "recombination of statements", clarify the delisting procedure and relief measures, establish the corresponding accountability mechanism and civil damage compensation system.The market-oriented reform of stock issuance should be perfected as soon as possible, and the new issue should be independently taken charge of by the exchange, and the financing function of the agency transfer system and the construction of the mechanism of transferring the board should be improved to make the exit mechanism of the main board market clearer and more effective.
【作者单位】：苏州大学商学院;
【基金】：江苏省教育厅高校哲学社会科学基金项目“多层次资本市场体系与江苏经济联动关系研究”(09SJD790048)的阶段性研究成果
【分类号】：F832.51

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