新退市制度背景下欣泰电气强制退市案例研究

发布时间：2018-01-26 17:10

本文关键词： 退市制度强制退市投资者权益保护中介机构监管　出处：《兰州大学》2017年硕士论文　论文类型：学位论文

【摘要】：退市制度特别是强制退市制度对于资本市场的运行和发展至关重要,而我国长期以来对该制度缺乏应有的重视。2014年10月,我国证监会发布文件开启了关于退市制度的改革,随后,沪深两所在证监会统一部署下启动退市制度改革并出台新的制度,形成了2014版新退市制度。强制退市是指监管机构基于监管权,根据退市制度对认定为重大违法行为或者不再符合上市条件的上市公司作出暂停上市、终止上市等决定。新退市制度较全面地完善了强制退市制度,要求对欺诈发行或者信披违法等被认定为重大违法的上市公司实行强制退市。欣泰电气是首家因欺诈发行和信披违法而被强制退市且无法再次上市的公司,监管机构对欣泰电气的处罚是A股史上最严厉的处罚决定。本文在2014版新退市制度背景下对欣泰电气强制退市案例进行研究,主要对强制退市制度、欣泰电气退市期间的经营、投资者权益保护和中介机构监管进行了详细的分析,研究强制退市对于相关的融资方、投资方、中介方的重大影响,进而得出研究结论,对完善我国的退市制度具有积极的意义。
[Abstract]:The delisting system, especially the forced delisting system, is of great importance to the operation and development of the capital market, but our country has long been short of due attention to the system. October 2014. China Securities Regulatory Commission issued documents to open the reform of the delisting system, and then the Shanghai and Shenzhen two companies under the unified deployment of the Securities Regulatory Commission started the delisting system reform and introduced a new system. A new delisting system was formed in 2014. Mandatory delisting refers to the suspension of listed companies by the regulatory authority on the basis of the delisting system, which is deemed to be a major illegal act or no longer meets the listing requirements. The new delisting system has completely improved the compulsory delisting system. Requires the mandatory delisting of listed companies that are deemed to be major violations of the law, such as fraudulent issuance or illegality of letter drape. Xintai Electric is the first company to be forced to delist from the market and cannot be listed again because of fraud issuance and letter drape violation. The punishment of Xintai Electric is the most severe punishment decision in the history of A shares. This paper studies the forced delisting of Xintai Electric in the background of 2014 new delisting system, mainly on the forced delisting system. Xintai Electric delisting period of the operation, investor rights and interests protection and intermediary supervision for detailed analysis, to study the forced delisting of the major impact on the financing, investors, intermediaries. The conclusion of the study is of positive significance to the improvement of China's delisting system.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.6

【参考文献】