基于ST股的退市机制研究

发布时间：2018-06-27 18:41

本文选题：ST股 + 退市机制　；参考：《河南工业大学》2014年硕士论文

【摘要】：证券市场的健康发展是我国资本市场，乃至整个国家经济健康、快速发展的前提条件。如何通过建立健全退市制度，进而改善退市机制，是完善立体化资本市场建设的重要课题。本课题首先介绍我国在上市企业退市标准方面的历史沿革及设立ST制度的背景，然后分析国内外较先进的退市机制的经验总结及对完善我国退市机制的启示，再次分析不完善的退市机制对我国资本市场在产业发展等方面的影响，选择典型的退市案例进行分析，最后根据以上的分析从市场、企业和技术层面提出改善我国退市机制的对策建议。本文采用以下几种研究方法：（1）文献研究法，即在第一部分和第三部分中通过调查相关文献获得国内和国外关于退市机制研究的历史发展，从而全面正确地了解当前国内和国外在退市机制方面的研究现状。（2）对比分析法，在第二部分中通过对比国内和国外发达证券市场的退市法规和退市标准，提出改善我国退市机制和提高退市水平的政策建议。（3）案例分析法，主要体现在本文第四部分，该部分选取部分ST股的案例进行分析，使文章更充实。具体每个部分的研究内容如下：第一章绪论概述本论文的研究动机与目的、研究范围和方法。回顾国内外关于上市企业退市机制的研究现状，以及本文的研究思路和可能存在的创新点。第二章对境外成熟市场包括美国纳斯达克证券交易所、英国伦敦交易所、香港联合交易所和境内的沪深交易所上市企业退市机制的历史沿革及发展现状进行分析，总结出完善我国退市机制值得借鉴的经验。第三章分析我国ST股退市机制对资本市场效率的影响，包括降低市场配置功能，阻碍产业并购发展；损害价格发现功能，使股票市场丧失投资增值功能；损害价值投资理念，加剧股票市场风险；滋生内幕交易，弱化股票市场投资增值功能等方面，由此得出完善我国ST股退市机制的必要性。第四章通过分析我国ST股退市机制下的案例，即亏损被迫退市的*ST炎黄和通过吸收合并主动退市的*ST上航与ST东航，总结在我国ST股退市制度下上市企业退市的原因和比例，为完善退市机制提供宏观参考。第五章根据以上分析，从市场、企业和技术层面提出完善我国证券市场ST股退市机制的政策建议，，包括矫正证券市场功能定位，深化体制改革；深化股权分置改革，降低上市企业退市成本；完善退市程序，提高并细化退市标准等。
[Abstract]:The healthy development of the securities market is the prerequisite for the economic health and rapid development of our country's capital market and even the whole country. How to improve the delisting mechanism by establishing a sound delisting system and then improving the delisting mechanism is an important issue to improve the construction of the three-dimensional capital market. This topic first introduces the historical evolution of our country's delisting standards in the listed enterprises. And the background of setting up the ST system, and then analyzing the experience of the more advanced delisting mechanism at home and abroad and the enlightenment to the improvement of the delisting mechanism in China, and again analyzing the influence of the imperfect delisting mechanism on the industrial development of China's capital market, selecting the typical case of the delisting, and finally from the market, and in the light of the above analysis. In terms of industry and technology, we put forward countermeasures and suggestions for improving China's delisting mechanism.
This paper uses the following methods: (1) literature research, that is, in the first and third parts, through the investigation of relevant literature to obtain the historical development of the research on the delisting mechanism at home and abroad, so as to fully and correctly understand the current domestic and foreign research status of the delisting mechanism. (2) the comparative analysis method, in the second part. By comparing the delisting regulations and delisting standards of the domestic and foreign developed securities markets, the policy suggestions to improve the delisting mechanism and the level of the delisting are proposed. (3) the case analysis method is mainly embodied in the fourth part of this article. As follows:
The first chapter introduces the motivation and purpose of the research, the scope and methods of the research, reviews the status of the research on the delisting mechanism of listed companies at home and abroad, and the research ideas and possible innovation points in this paper.
The second chapter analyzes the historical evolution and development status of the delisting mechanism in the mature markets including the Nasdaq Stock Exchange, the London Stock Exchange, the Hongkong stock exchange and the Shanghai and Shenzhen Stock Exchange listed companies in the United States, and summarizes the experience of perfecting the delisting mechanism in China.
The third chapter analyzes the effect of the delisting mechanism on the efficiency of the capital market in China, including reducing the market allocation function, hindering the development of industrial merger and acquisition, damaging the price discovery function, causing the stock market to lose the value added function, damaging the value investment concept, intensifying the stock market risk, breeding insider trading and weakening the value added work of the stock market investment. It is necessary to improve the delisting mechanism of ST shares in China.
The fourth chapter, through the analysis of the case of the delisting mechanism of our country's ST shares, that is, the *ST Yan Huang and the *ST Shanghai Airlines and ST East Airlines by absorbing the merged and active delisting, sum up the reasons and the proportion of the listed enterprises to go out of the market under the system of the t share market in China, and provide a reference for the improvement of the delisting mechanism.
The fifth chapter, according to the above analysis, puts forward the policy suggestions to improve the mechanism of the stock market in the stock market from the market, the enterprise and the technical level, including the correction of the function orientation of the securities market, the deepening of the reform of the system, the deepening of the split share reform, the reduction of the cost of the delisting of the listed enterprises, the improvement of the delisting procedures, and the improvement and refinement of the delisting standards.
【学位授予单位】：河南工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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