上市公司退出机制实施中的政府影响

发布时间：2018-01-12 16:27

本文关键词：上市公司退出机制实施中的政府影响　出处：《上海经济研究》2017年11期 　论文类型：期刊论文

【摘要】：上市公司退出机制是资本市场健康发展的重要保障。我国A股市场形成以来,尽管制度不断改善,但退出难问题始终存在且未见改善。结合我国具体国情来看,我国政府对于上市公司和股票市场具有较强干预能力,同时政府部门行为具有其先天的局限性。据此文章将政府对A股市场推出难问题的影响作为研究主题。我国A股市场对具有退市风险的上市公司股票进行了特殊处理,这为文章的研究提供了天然的样本。该文以ST公司为代表,研究并验证了政府的确推动了所辖绩差公司重组,但政府推动的重组无法给企业带来长期竞争优势,这些公司在A股市场上仍然是绩差公司,政府推动其进行重组的行为在客观上阻碍了绩差公司的退出。证明了中国股票市场退出难一定程度上来源于政府影响。
[Abstract]:The exit mechanism of listed companies is an important guarantee for the healthy development of the capital market. Since the formation of China's A-share market, although the system has been continuously improved, the difficult problem of exit has always existed and has not been improved. Our government has strong ability to interfere with listed companies and stock market. At the same time, the behavior of government departments has its inherent limitation. Accordingly, the paper takes the influence of the government on the A share market as the research topic. The A share market of our country has carried on the special to the listed company stock which has the delisting risk. Handle it. This provides a natural sample for the research of this article. This paper takes St Company as the representative, studies and verifies that the government has indeed promoted the reorganization of the underperformance companies under its jurisdiction. But government-driven restructuring will not provide a long-term competitive advantage for companies that remain underperforming in the A-share market. The government's push to restructure has objectively hindered the exit of underperforming companies, proving that the withdrawal of China's stock market is difficult to come from government influence.
【作者单位】：西南财经大学证券与期货学院;
【基金】：国家社科基金项目(项目编号:15BGL062)
【分类号】：F832.51
【正文快照】： 一、问题的提出及相关文献综述中国股票市场“只进不出”,严重阻碍了存量上市公司的优化。该退未退的上市公司大量存在,表明A股市场的退出机制,要么是制度本身存在缺陷,要么是实施过程遇到了阻力。退出机制的核心是强制退市标准,学界和监管层几年前就已经意识到,A股市场过去执

【相似文献】