A股上市公司主动退市效应的实证研究

发布时间：2018-07-16 18:41

【摘要】：在A股市场,取得上市主体资格是较为难得的,因此上市公司选择主动退市需要有足够的动力。研究上市公司主动退市的原因及效应,能够为企业主动退市提供决策参考,也能为完善中国证券市场的退市机制提供借鉴。通过对我国A股市场所有主动退市的公司进行分析,排除了相关主体用主动退市方式来替代可能发生的被动退市的动机。在此基础上,通过进一步分析,发现主动退市行为本身并没有让相关主体真正丧失在A股市场的融资功能。因此,需要探究上市公司选择主动退市的动因。通过对主动退市前后融资主体在短期和中长期的表现进行对比,分析换股和收购溢价,以及在换股和收购过程中存在的超额收益,得出主动退市行为为企业带来了价值效应的结论；通过比较退市前后企业发展能力与盈利能力,得出主动退市行为不会带来明显的绩效效应的结论；通过分析退市前后上市主体的管理结构,得出主动退市行为有利于优化公司治理结构的结论。研究同时发现,我国A股市场上的主动退市行为能够在短期上提升价值,但是从长期来看对于公司的发展并没有明显的促进作用,甚至可能损害中小投资者的利益。因此,为了防止投资者利益受到损害,提出了政策性建议,即建立在重大事项后公司大股东退出市场的监控制度,保证证券市场资源得到优化。
[Abstract]:In A-share market, it is difficult to obtain the qualification of listing subject, so it is necessary to have enough motivation for listed companies to choose delisting. The study of the reasons and effects of the active delisting of listed companies can provide a reference for the enterprises to take the initiative to delist from the market and to perfect the delisting mechanism of the Chinese securities market. Through the analysis of all the active delisting companies in the A share market of our country, the motivation of the passive delisting may be replaced by the active delisting of the relevant subjects. On this basis, through further analysis, it is found that the delisting itself does not make the relevant parties lose their financing function in the A-share market. Therefore, it is necessary to explore the reasons why listed companies choose to withdraw from the market. By comparing the short-term and medium- and long-term performances of the main investors before and after the active delisting, the paper analyzes the premium of stock exchange and acquisition, as well as the excess returns in the process of stock exchange and acquisition. The conclusion is that the active delisting brings the value effect to the enterprise, and by comparing the development ability and the profit ability of the enterprise before and after delisting, the conclusion that the active delisting will not bring the obvious performance effect; By analyzing the management structure of the listed subjects before and after delisting, it is concluded that the active delisting is beneficial to the optimization of the corporate governance structure. At the same time, it is found that the active delisting in A-share market can enhance the value in the short term, but in the long run, it has no obvious promoting effect on the development of the company, and may even harm the interests of small and medium-sized investors. Therefore, in order to prevent the interests of investors from being harmed, the paper puts forward some policy suggestions, that is, to establish a monitoring system for the withdrawal of major shareholders from the market after major events, so as to ensure the optimization of the resources of the securities market.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

【共引文献】