中国上市公司退市制度研究

发布时间：2018-02-06 07:55

本文关键词： 上市公司退市机制证券市场　出处：《辽宁大学》2016年硕士论文　论文类型：学位论文

【摘要】：证券市场是为解决资本供求矛盾及其流动性而产生的市场,他在资源配置、经济进步以及提高国民收入等方面都具有重要的意义。作为证券市场的重要组成部分,上市公司的运行质量对证券市场的健康发展具有至关重要的作用。退市机制又是证券市场制度建设的重要组成部分,他是提高公司质量、促进市场繁荣的有利保障。建立退市机制是为了净化证券市场的环境,但中国证券市场中依然存在着大批的劣质公司,使得退市制度犹如虚设。2012年6月28日,交易所发布了主板上市公司退市制度新方案,开始逐步与国际惯例接轨。完善上市公司退市制度是中国证券市场走向成熟的重要一步,健全的退市制度将敦促上市公司改善其经营管理,来提高上市公司的总体质量,并且有助于改变市场价格扭曲的情形,使一些绩优股、成长股的价值得到体现。从长远看,退市制度的完善,能够促使证券市场的体系更加完整,实现市场资源优化配置的功能,从而进一步优化上市公司的整体结构。随着中国资本市场的健康发展和退市制度的完善,证券市场将会日趋规范,投资者的利益保护也会更加完善,证监会也能够充分发挥其应有的职能。本文共分为五个主要内容。第一节绪论,介绍背景、意义以及现状等；第一章节主要介绍退市的一些制度,包括上市公司退市的含义及特征。介绍中国现行的上市公司退市制度内容,并且根据上市公司退市理论讲述完善上市公司退市制度的重要意义。第二章是中国上市公司退市制度运行的现状,中国上市公司退市面临的一些问题以及对造成这些问题的原因分析。第三章是成熟市场退市制度的内容及其对中国的启示,主要介绍成熟市场现行的退市制度,以及需要我们借鉴的地方。第四章是根据文中提出的问题及原因,为完善上市公司退市制度提出相应的对策建议。第五章是对本文的一个总结。
[Abstract]:The securities market is to solve the contradiction between the supply and demand of capital and the liquidity of the market, it is in the allocation of resources. As an important part of the securities market, economic progress and raising national income are of great significance. The running quality of listed companies plays an important role in the healthy development of the securities market. The delisting mechanism is also an important part of the construction of the securities market system, which is to improve the quality of the company. The purpose of the delisting mechanism is to purify the environment of the securities market, but there are still a large number of inferior companies in the Chinese securities market. In June 28th 2012, the exchange issued a new scheme of delisting system for listed companies on the main board. To perfect the delisting system of listed companies is an important step towards maturity of China's securities market. A sound delisting system will urge listed companies to improve their management. To improve the overall quality of listed companies, and help to change the market price distortion situation, so that some of the value of high performance stocks, growth stocks. From a long-term perspective, the delisting system is perfect. It can make the system of securities market more complete, realize the function of optimizing the allocation of market resources, and further optimize the overall structure of listed companies. With the healthy development of Chinese capital market and the improvement of delisting system. The securities market will become more standardized, the protection of investors' interests will be more perfect, and the CSRC will be able to give full play to its due functions. This paper is divided into five main contents. The first section is introduction, introducing the background. Meaning and status quo; The first chapter mainly introduces some systems of delisting, including the meaning and characteristics of delisting of listed companies, and introduces the contents of the current delisting system of listed companies in China. And according to the theory of delisting of listed companies to describe the importance of improving the system of delisting of listed companies. Chapter two is the current situation of the operation of delisting system of listed companies in China. The third chapter is the content of the mature market delisting system and its inspiration to China, mainly introduces the current delisting system of the mature market. Chapter 4th is based on the problems and reasons put forward in this paper, to improve the system of delisting of listed companies corresponding countermeasures. 5th is a summary of this article.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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