本文關鍵詞：中美退市制度及其比較與分析　出處：《東北財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 上市公司 退市制度 撤消ST logistic回歸分析

【摘要】：證券市場是市場經(jīng)濟的產(chǎn)物,它在資源合理配置,經(jīng)濟發(fā)展,提高國民收入等方面都扮演著重要的角色。上市公司是證券市場的重要組成部分,上市公司運行質(zhì)量的好壞對證券市場能否順利發(fā)展起著至關重要的作用。而作為證券市場制度建設的重要部分,退市機制是提高上市公司質(zhì)量,促進證券市場繁榮的有力保障。退市機制建設的是否完善、運行狀況都會長期影響一個國家上市公司的運行質(zhì)量,證券市場的資源配置功能能否實現(xiàn)影響著整個市場的風險控制程度。長期以來,我國缺乏健全的上市公司退市機制,導致證券市場違法違規(guī)的情況越來越多,證券市場存在大量劣質(zhì)公司,浪費社會稀缺資源,同時造成整個證券市場投機氛圍濃重,影響了市場的健康發(fā)展。在退出機制正式實施至今的近十年來,同國外成熟市場相比,我國退市標準和退市程序都有待完善。 本文比較了當前我國上市公司退市機制同美國的退市機制,分析了中國股票市場存在的問題。首先是介紹美國成熟股市的退市。這部分闡述了紐交所和納斯達克市場退市制度的發(fā)展,及各自的退市標準和退市流程,通過分析紐交所和納斯達克市場退市公司的數(shù)量及所占比重來判斷美國退市政策的實施效果。其次是研究中國滬、深股市的退市。本章節(jié)先介紹了我國證券市場發(fā)展歷程、退市程序和退市標準并且查找退市的數(shù)據(jù)來分析退市政策的實施效果。后一部分是政策實施效果的實證分析,主要目的是分析我國被ST股票大部分都能通過撤銷ST返回證券市場的現(xiàn)象,研究哪些主要因素有助于ST公司撤銷ST,使這些公司能夠成功擺脫退市的命運。通過實證分析來揭示退市制度實施效果不佳的原因,運用均值比較分析和logistic回歸分析,找出上市公司股票成功撤消ST的影響因素。然后是中美制度比較與分析。分為批準權(quán)限、退市標準、實施效果三個方面的比較。從而得出五個方面有關美國退市多的原因。文章最后一章為結(jié)論分析及政策建議。 本文的創(chuàng)新之處是：在研究我國退市制度時,已有研究強調(diào)被特別處理的股票通過哪些方式最有可能撤消ST,本文則更關注在被特別處理的公司中,有哪些公司最有可能得到挽救而免于退市,即具備什么樣性質(zhì)和財務情況的ST公司首先被考慮撤消ST。
[Abstract]:The securities market is the product of the market economy, which plays an important role in the rational allocation of resources, economic development and national income. Listed companies are an important part of the securities market. The running quality of listed companies plays a vital role in the smooth development of the securities market. As an important part of the construction of securities market system, the delisting mechanism is to improve the quality of listed companies. Whether the construction of delisting mechanism is perfect or not will affect the running quality of a country's listed company for a long time. Whether the resource allocation function of the securities market can influence the risk control degree of the whole market. For a long time, the lack of a sound delisting mechanism of listed companies in our country has led to more and more illegal and illegal situations in the securities market. There are a large number of inferior companies in the securities market, which waste the scarce resources of the society. At the same time, the speculative atmosphere of the entire securities market is heavy, which has affected the healthy development of the market. Compared with foreign mature markets, China's delisting standards and procedures need to be improved. This paper compares the delisting mechanism of China's listed companies with that of the United States. This part describes the development of delisting system of NYSE and NASDAQ, and their respective delisting standards and delisting process. By analyzing the number and proportion of delisting companies in NYSE and NASDAQ to judge the effect of delisting policy in the United States, the second is to study China Shanghai. Deep stock market delisting. This chapter first introduces the development of China's securities market. The last part is the empirical analysis of the effect of delisting policy. The main purpose of this paper is to analyze the phenomenon that most of the St stocks in our country can return to the securities market by withdrawing St, and to study which main factors are helpful to St companies to withdraw St. To enable these companies to successfully get rid of the fate of delisting. Through empirical analysis to reveal the reasons for the poor implementation of the delisting system, using mean comparison analysis and logistic regression analysis. Find out the factors that affect the successful withdrawal of St in listed companies. Then the comparison and analysis of the system between China and the United States, divided into the approval authority, delisting criteria. The last chapter is the conclusion analysis and policy recommendations. The innovation of this paper is: in the study of China's delisting system, there have been studies on the special treatment of the stock through which the most likely to withdraw STs, this article is more concerned about the special treatment of the company. Which companies are most likely to be rescued from delisting, that is, St companies of what nature and financial standing are the first to consider withdrawing STs.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F831.51

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本文編號：1426521