新退市政策下欣泰电气暂停上市案例分析

发布时间：2018-03-04 00:33

本文选题：欣泰电气　切入点：IPO造假　出处：《上海外国语大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来上市公司财务造假现象屡禁不止,违规行为被揭露后公司往往只是受到简单处罚即可转危为安,甚至出现IPO造假这种重大违规行为的公司都能免于退市。究其原因,除了公司自身的问题外还与我国证券市场退市机制不完善、处罚力度不足有很大关系。如果监管者继续放纵这种违规行为,不加以重视,它必将阻碍我国证券市场的健康发展,损害投资者对市场的信心。2014年我国就退市制度出台了新的政策意见,证监会首次将欺诈发行和重大信息披露违规的行为列入了强行退市的范畴,并开始加大对证券市场违规行为的处罚力度。欣泰电气违规行为正是在证监会大力推行退市制度改革的契机之上被发现并受到处罚的。作为首例因欺诈发行而被启动强行退市程序的欣泰电气,其代表性不言而喻。因此本文通过分析我国上市公司中极具典型性的IPO造假案,能够更好地洞察欣泰电气上市造假原因及危害,同时结合新退市政策的实施情况,对案例中暴露出来的问题提出防范和治理对策,为以后证券市场中的上市公司、监管者和投资者如何防范IPO造假、避免损失提供一些参考意见。本文首先对案例分析中涉及到的相关理论加以阐述,这是全文的理论基础。然后对欣泰电气暂停上市的总体情况做了简要介绍,包括退市现状、政策环境和事件经过。接下来从公司自身的违规行为、市场反应及新退市政策的应对机制三个纬度对案例展开详尽分析。在分析公司违规行为时运用舞弊三角理论从压力、机会和借口三个方面去剖析IPO造假原因,通过对违规行为的分析能够看出公司的市场信用缺失;在分析违规行为引起的市场反应时,选取此次事件中具有代表性的四类市场参与方为分析对象,对其各自的反应、原因及受到的影响进行分析,从而突出违规行为给市场带来了巨大危害;在分析应对机制时,通过对新退市政策应对措施的介绍,总结新退市政策实施所具有的重要意义。最后基于以上分析归纳出此事件所反映出来的问题,并给出对应的政策建议。
[Abstract]:In recent years, the phenomenon of financial fraud of listed companies has been repeatedly banned. After the irregularities have been exposed, the companies will often be given a simple punishment to turn the corner. Even companies with major irregularities such as IPO counterfeiting can be exempted from delisting from the market. Investigate the reasons. In addition to the company's own problems, it is also related to the imperfect delisting mechanism and inadequate punishment of the securities market in our country. If the regulator continues to indulge this illegal behavior and do not attach importance to it, it will certainly hinder the healthy development of the securities market in our country. In 2014, China issued a new policy opinion on the delisting system. For the first time, the CSRC included fraudulent issuance and major information disclosure violations in the category of forced delisting. And began to increase the penalties for securities market irregularities. Xintai Electric violations were found and punished on the opportunity of the CSRC to vigorously implement the delisting system reform. As the first case of fraud issued by the. Xintai Electric, which started the forced delisting process, Therefore, by analyzing the typical IPO fraud cases of listed companies in China, this paper can better understand the reasons and harm of Xintai Electric's listing fraud, and combine with the implementation of the new delisting policy. In order to prevent the IPO counterfeiting, how to prevent and manage the problems exposed in the case, and how to prevent the listed companies, regulators and investors in the future securities market, In this paper, the relevant theories involved in the case analysis are first expounded, which is the theoretical basis of the full text. Then, the general situation of Xintai Electric's suspension from listing is briefly introduced, including the current situation of delisting. The policy environment and events are followed by detailed analysis of the case from three aspects: the company's own irregularities, the market reaction and the coping mechanism of the new delisting policy. In the analysis of the company's irregularities, the theory of fraud triangle is used to analyze the case from the pressure. Opportunity and excuse to analyze the reasons for IPO fraud, through the analysis of violations can be seen the lack of market credit; in the analysis of the market reaction caused by violations, Select four representative market participants in this event as the analysis object, analyze their respective reaction, reason and influence, thus highlighting the violation brought great harm to the market; in the analysis of the response mechanism, Through the introduction of the countermeasures of the new delisting policy, the significance of the implementation of the new delisting policy is summarized. Finally, based on the above analysis, the problems reflected by this event are summarized and the corresponding policy suggestions are given.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.6

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