非经常性损益对我国ST公司退市的影响

发布时间：2018-02-15 14:20

本文关键词： ST公司非经常性损益退市制度影响　出处：《四川师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2001年初我国退市标准实施以来，A股退市公司总计仅有40余家，占目前A股挂牌公司数量的1.8%，这几乎可视为一种“零淘汰”的退市制度。在任何一个市场，只要出现“只进不出”的现象，就都是畸形的市场，最终将会因为发展不平衡而消亡。退市制度不完善，是造成中国股市被指圈钱市、炒作市的根本原因。无数企业不惜血本甚至采取弄虚作假、大肆行贿等违规违法手段来获取上市资格，募集巨额的资金。上市后，很多公司连年亏损、资不抵债，但却由于非经常性损益和退市制度缺陷的庇护，一路走来都有惊无险。可见非经常性损益和退市制度之间确实存在很紧密的关系。随着沪深交易所创业板、主板、中小企业退市制度的连续出台，“停而不退”的上市公司境遇堪忧。新规增加了“扣除非经常性损益的净利润”这一退市指标，加大了退市的力度。新制度的出台，对ST公司利用非经常性损益来调节利润的情况有所限制，但是能不能彻底杜绝这种现象，，还有待考察。本文首先对国内外非经常性损益进行了相关界定，介绍了我国非经常性损益的发展过程以及存在的问题，然后介绍了国内外成熟证券市场上市公司的退市制度，并通过我国新旧退市制度的对比指出了我国退市制度存在的问题，接着选用样本ST公司进行了实证分析，找出新规出台之前非经常性损益对退市制度的影响，最后通过新制度出台后相关问题的分析，试图找出新制度下对非经常性损益强化以及新制度的可行性，为我国证券市场退市制度的完善提出自己的建议。
[Abstract]:Since the implementation of China's delisting standards in early 2001, there have been only more than 40 A-share delisting companies, accounting for 1.8% of the total number of A-share listed companies at present. This can almost be regarded as a "zero elimination" delisting system. As long as there is a phenomenon of "just not getting in", it will be a deformed market, which will eventually die out because of the imbalance in development. The imperfect system of delisting is the result of the Chinese stock market being accused of ringfencing the money market. Innumerable enterprises even take illegal means such as fraud, bribery and other illegal means to obtain listing qualifications and raise huge amounts of funds. After listing, many companies have made successive losses and become insolvent, but have been sheltered by non-recurrent gains and losses and defects in the delisting system. We can see that there is a very close relationship between the non-recurrent gains and losses and the delisting system. With the growth Enterprise Market of the Shanghai and Shenzhen Stock Exchange, the main board, With the continuous introduction of the delisting system for small and medium-sized enterprises, the listed companies that "stop without withdrawing" are in dire straits. The new rules have increased the delisting target of "net profit after deducting non-recurring profits" and increased the strength of delisting. The use of non-recurrent profit and loss in St company is limited, but whether this phenomenon can be completely eliminated remains to be investigated. This paper firstly defines the non-recurrent profit and loss at home and abroad, introduces the development process and existing problems of non-recurrent profit and loss in China, and then introduces the delisting system of listed companies in domestic and foreign mature stock markets. And through the comparison of the new and old delisting system, this paper points out the existing problems of China's delisting system, then selects the sample St company to carry on the empirical analysis, finds out the influence of the non-recurrent profit and loss on the delisting system before the new regulation comes out. Finally, through the analysis of the related problems after the new system came out, this paper tries to find out the strengthening of the non-recurrent profit and loss under the new system and the feasibility of the new system, and puts forward some suggestions for the perfection of the delisting system in China's securities market.
【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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