我国上市公司退市机制研究

发布时间：2018-01-05 17:06

本文关键词：我国上市公司退市机制研究　出处：《山西财经大学》2011年硕士论文　论文类型：学位论文

【摘要】：证券市场是市场经济的产物,它在资源合理配置,经济发展,提高国民收入等方面都扮演着重要的角色。上市公司是证券市场的重要组成部分,上市公司运行质量的好坏对证券市场能否顺利发展起着至关重要的作用。而作为证券市场制度建设的重要部分,退市机制是提高上市公司质量,促进证券市场繁荣有力保障。退市机制建设的是否完善、运行状况都会长期影响一个国家的上市公司运行质量,证券市场的资源配置功能能否实现及整个市场的风险控制程度。长期以来,我国缺乏健全的上市公司退市机制,导致证券市场违法违规的情况越来越多,证券市场存在大量劣质公司,浪费社会稀缺资源,同时造成整个证券市场投机氛围浓重,影响了市场的健康发展。随着上市公司退出机制的正式建立,我国证券市场有进无出的时代终于结束了。然而,在退出机制正式实施至今的近十年来,同国外成熟市场相比,我国退市标准和退市程序都有待完善,在实践上看,行政干预上市公司正常退市、退市成本过高、上市公司寻找信息披露等机制漏洞逃脱监管等问题也是屡见不鲜。本文通过对当前我国上市公司退市机制存在的问题进行研究分析,认为我国在建立上市公司退出机制所存在如下问题,首先,退市标准和退市程序不完善,其次,上市公司退市成本过高,信息披露存在隐患,同时公司退市也给投资者带来严重影响,最后,我国的上市核准制度也直接影响了我国上市公司退市机制的顺利实施。因此,我国退市机制建设应从这些方面着手,进一步规范退市标准,完善退市程序。针对退市成本过高问题应该着力于多层次市场体系的建设与中小投资者的利益保护方面,为退市机制顺利实施扫清障碍。加强信息披露制度建设,明确各部门责任,使上市公司信息披露更加公开透明及时。最后,要进一步推进我国上市制度发展,使证券市场进出通畅,才能更好得把上市公司退市机制落到实处。
[Abstract]:The stock market is a product of the market economy, it is in the rational allocation of resources for economic development, improve the national income and other aspects play an important role. The listed company is an important part of the securities market, the quality of the listed company is running smoothly development plays a vital role in the securities market can. As an important part of the system of securities market the construction of the delisting mechanism is to improve the quality of listed companies, promoting the prosperity of securities market guarantee. Delisting mechanism construction is perfect, operating conditions will affect a country's long-term operation of listed companies for the quality of the resource allocation function of securities market can be realized and the risk control of the whole market.
For a long time, China's lack of a sound delisting mechanism of listed companies, the stock market more and more cases of violations of the securities market, there are a large number of low-quality companies, waste of social scarce resources, also causing the speculative atmosphere of the entire stock market strong, affect the healthy development of the market. With the formal establishment of the exit mechanism of listed companies, China Securities the market has not come out the end of the age. However, since the implementation of the official exit mechanism in the past ten years, compared with the foreign mature market, China's delisting standards and delisting procedures have to be perfect, in practice, the normal administrative intervention of listed companies delisting, delisting cost is too high, looking for information disclosure of listed companies the mechanism of supervision and other issues and vulnerabilities to escape It is often seen..
This paper analyzes the current delisting mechanism of Listed Companies in China, that the following problems existing in the establishment of exit mechanism of listed companies firstly, delisting standards and delisting procedures is not perfect, the high cost of delisting of listed companies, information disclosure problems, the company delisting also brings the serious influence to investors finally, China's listing approval system also directly affects the smooth implementation of the delisting mechanism of Listed Companies in China. Therefore, these aspects should be the construction of our delisting mechanism to further standardize the delisting standards, improve the delisting procedures. Aiming at the problem of high cost of the delisting should protect the interests of small investors and focus on the construction of multi-level market system the implementation of the delisting mechanism, to clear away the obstacles smoothly. To enhance the information disclosure system, clear responsibilities of various departments, the listed company information disclosure Finally, we should further promote the development of China's listing system and make the securities market in and out smoothly so as to better implement the delisting mechanism of listed companies.

【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51

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