完善我国上市公司退市标准的若干思考

发布时间：2018-05-04 13:35

本文选题：退市标准 + ST公司　；参考：《复旦大学》2012年硕士论文

【摘要】：2001年我国上市公司退市机制正式启动,目的在于促进上市公司的优胜劣汰和资本市场的健康发展。但是从我国上市公司的实际退市情况开看,退市制度的效果与预期还有很大差距,一部分超垃圾股钻了退市标准的空子,大玩二一二游戏而一直存活于我国证券市场上。如何改变该现状,增强上市公司退市标准的可执行性,以形成证券市场上有进有退、优胜劣汰的局面,对我国证券市场的发展有重要的现实意义。本文比较了中外几大证券市场的退市标准以及各自的实施效果,并具体探讨了中国ST公司中玩二一二游戏的公司和戴帽后财务状况好转的公司之间各种利润、非经常性损益以及净资产的不同,总结规律,力求从财务数据这一量化标准方面为中国的退市标准提供政策建议。同时本文对2012年5月2号上海证券交易所颁布的关于完善退市制度的征求意见稿进行了探讨。研究发现,与国外发达市场相比,沪深主板的现行退市标准中数量化标准非常少。创业板方面,我国深交所正努力完善创业板的退市标准数量化标准,借鉴国外标准痕迹明显。与国外发达资本市场的退市制度的效果相比,我国退市制度的实施效果并不理想。最后本文从财务指标方面对完善退市标准进行了建议。本文认为,完善我国退市标准不仅可以保证上市公司质量,降低整个市场系统性风险,而且能够促进我国股票市场体系有序和可持续发展。
[Abstract]:In 2001, the delisting mechanism of China's listed companies was officially launched, in order to promote the survival of the fittest and the healthy development of the capital market. However, the effect of the delisting system has a big gap from the actual delisting situation of the listed companies in our country. A part of the super garbage shares drilled the blank of the delisting standard and played 212 tours. The play has been living in the securities market of China. How to change the present situation and enhance the executability of the delisting standards of the listed companies in order to form the situation that the stock market has a backward, superior and inferior quality is of great practical significance to the development of the securities market in our country. This paper compares the delisting standards of several large securities markets in China and abroad and their respective reality. The effect is given, and the profits, non recurrent gains and losses and the difference of net assets between the companies playing 212 games in China's ST company and the companies with better financial conditions after wearing the cap are discussed, and the policy suggestions are provided for China's Withdrawal Standards from the quantitative standard of financial data. At the same time, this article is on 2012 5. The Shanghai Stock Exchange issued by the Shanghai stock exchange conducted a discussion on the solicit draft on the improvement of the delisting system. Compared with the developed foreign markets, the quantitative standard of the current delisting standards in Shanghai and Shenzhen main board is very small. Compared with the effect of the delisting system in the developed foreign capital market, the effect of the delisting system in China is not ideal. Finally, this paper makes suggestions on the improvement of the delisting standard from the financial index. This paper holds that the improvement of the delisting standard in China can not only guarantee the quality of the listed companies, but also reduce the systemic risk of the whole market. Moreover, it can promote orderly and sustainable development of China's stock market system.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51

【参考文献】