我国创业板市场退市制度创新策略研究

发布时间：2018-01-01 20:32

  本文关键词：我国创业板市场退市制度创新策略研究　出处：《吉林大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 创业板 纳斯达克 退市制度 证券市场预警 量化模型 退市风险 制度创新

【摘要】：我国创业板市场于2009年10月正式挂牌交易,到2016年6月底,已经由第一批的28家上市公司增长到512家,总市值达到5.2万亿元,占我国股票市场总市值的25%。创业板市场无论在上市公司数量、交易规模、流通市值成长速度及市场影响力等方面,已经成长为我国金融市场的一个重要平台。在充分肯定创业板市场这6年多来的辉煌成就前提下,我们也认识到创业板市场仍有缺陷和问题,例如财务指标不真实的公司及连续5年营业利润为负的公司还在继续交易,虽然有很多造假案例但还没有一家退市公司。创业板缺少有效的退市预警制度和社会保险体系,没有便捷通畅的退市执行程序及退市渠道。本研究以中国创业板市场退市制度创新策略作为研究主题,以制度创新理论、金融风险理论为基础,通过运用统计数量分析、风险预测Z-Score模型和O-Score模型,以及退市概率的KMV Merton模型对创业板上市公司的退市风险进行测算,同时建立中国创业板市场的Z-Score风险模型。通过运用这些模型,测算出我国创业板存在一批高风险公司。通过分析美国纳斯达克市场退市管理的经验及教训,参考和汲取适合我国社会经济环境的内容,在保留我国创业板市场退市制度中合理部分的同时,创新提出增加运用数理统计原理的量化模型预测风险;设立退市警示制度并配以多层次的申诉流程;增加财务利润来源要求,增加保荐人长期跟踪的要求。提出了一系列保障措施,包括为创业板市场退市公司设计了几种出路,即中小板,新三板及股权转让机构,提出了简化创业板公司转板手续的要求;建立二级创业板市场;设立退市审批机构;提出了强化交易所监管及自律协会监管的建议;详细设计了投资者保护机制,设立保证金及风险保险机制、个人追责及赔偿制度,保证投资者的权益不受虚假作弊企业的伤害。通过以上举措,达到完善我国创业板市场退市制度的目的。主要创新点为首次运用创业板上市公司的数据建立了风险模型,为投资者提供风险信息与教育;提出建立预警及警示整改体系,给高风险公司改正缺陷的机会;设计了一套精细化的退市制度体系,明确盈利来源于主营业务及审计报告要求同行审计等,便于各方理解与执行。盼望创业板市场逐步推行创新后的退市制度体系,为创新型企业提供一个不断发展的金融平台,有力地促进我国经济的平稳健康发展。
[Abstract]:China's gem market was officially listed on October 2009. By the end of June 2016, it had grown from the first batch of 28 listed companies to 512, with total market value reaching 5.2 tillion yuan. The number of listed companies, the scale of transactions, the growth rate of market value circulation and the influence of the market, etc., account for 25% of the total market value in China's stock market. It has grown into an important platform of our financial market. Under the premise of fully affirming the brilliant achievements of the gem market in the past six years, we also realize that there are still defects and problems in the gem market. For example, companies with untrue financial indicators and companies with negative operating profits for five consecutive years continue to trade. Although there are many cases of fraud, but not a delisting company. Gem lack of effective delisting warning system and social insurance system. There is no convenient and unobstructed delisting implementation procedures and delisting channels. This study takes the Chinese gem delisting system innovation strategy as the research theme, based on the institutional innovation theory and financial risk theory. Through the use of statistical quantitative analysis, risk prediction Z-Score model and O-Score model. And the KMV Merton model of delisting probability is used to calculate the delisting risk of gem listed companies. At the same time, the Z-Score risk model of China gem market is established. By analyzing the experiences and lessons of delisting management on NASDAQ, we can learn from the contents suitable for our country's social and economic environment. While retaining a reasonable part of the delisting system of the gem in China, the author proposes to increase the risk prediction by using the quantitative model of mathematical statistics. Setting up the warning system of delisting and matching the multi-level appeal process; Increase the financial profit source requirements, increase the sponsor long-term tracking requirements. Put forward a series of safeguards, including the gem market delisting company designed several outlets, that is, small and medium-sized board. The new third board and the equity transfer organization put forward the request to simplify the procedures of the gem company to transfer the board; Establishing the secondary gem market; The establishment of a delisting examination and approval agency; The suggestions of strengthening the supervision of exchanges and self-regulation associations are put forward. Detailed design of investor protection mechanism, the establishment of margin and risk insurance mechanism, individual liability and compensation system, to ensure that investors' rights and interests are not affected by false cheating enterprises. Through the above measures. The main innovation points are the establishment of risk model for the first time using the data of gem listed companies to provide risk information and education for investors; Put forward the establishment of early warning and warning rectification system to give high-risk companies the opportunity to correct defects; Designed a set of fine delisting system system, clear that the profit from the main business and audit report requirements peer audit and so on. It is easy for all parties to understand and implement. It is hoped that the gem market will gradually carry out the system of delisting after innovation, provide a continuously developing financial platform for innovative enterprises, and promote the steady and healthy development of China's economy.
【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.51
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本文编号：1366104