本文選題：2012退市制度　切入點：非經(jīng)常損益　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國的上市公司退市機制自2001年啟動以來,經(jīng)歷了從無到有、不斷發(fā)展完善的過程,但實施效果卻不盡如人意。究其原因是舊的退市制度存在著一定的漏洞與缺陷,使得大量的績差公司滯留在市場中。2012年滬深兩市相繼推出了創(chuàng)業(yè)板、主板和中小板市場的新退市制度,退市新政納入了凈資產(chǎn)以及市場交易類的指標(biāo),并增加了與非經(jīng)常性損益相關(guān)的準(zhǔn)則,為退市制度的改進邁出了實質(zhì)性的一步。本文分別以2012年退市新政中的三項新增指標(biāo)為切入點,選擇合適的計量模型,分別從理論及實證的角度驗證了“扣非”準(zhǔn)則、凈資產(chǎn)指標(biāo)、成交量指標(biāo)納入退市新政的必要性與合理性,并最終得到結(jié)論,明確了“扣非”準(zhǔn)則和凈資產(chǎn)指標(biāo)納入退市制度的重要意義,但是對于市場交易類的成交量指標(biāo)的納入提出了質(zhì)疑。最后,我們假設(shè)退市新政實施于A股市場,通過計算新規(guī)實施前后A股市場的退市率的變化、市場PE水平的調(diào)整以及市場平均換手率的差異,以“合適的退市率”、“合理的股價變動”以及“良好的投資氛圍”這三方面作為衡量標(biāo)準(zhǔn),全面綜合的度量了2012年退市新政相較于舊的退市制度改善的程度和發(fā)揮的實質(zhì)性的作用。
[Abstract]:Since 2001, the delisting mechanism of listed companies in our country has experienced a process of continuous development and perfection, but the implementation effect is not satisfactory. The reason is that the old delisting system has some loopholes and defects. In 2012, the Shanghai and Shenzhen stock markets introduced a new delisting system for the gem, the main board and the small and medium board markets. The new policy of delisting incorporated net assets and market transaction indicators. It also adds the criterion related to the non-recurrent profit and loss, and takes a substantial step for the improvement of the delisting system. This paper takes the three new indexes in the New deal of delisting in 2012 as the starting point, and selects the appropriate measurement model. From the theoretical and empirical point of view, the paper verifies the necessity and rationality of "deduct" criterion, net assets index and turnover index into the new deal of delisting, and finally draws a conclusion. This paper clarifies the importance of "deduct" criterion and net assets index into the delisting system, but questions the inclusion of the trading volume index in the market. Finally, we assume that the new policy of delisting is implemented in the A-share market. By calculating the changes in the delisting rate of the A-share market before and after the implementation of the new regulations, the adjustment of the PE level in the market and the difference in the average turnover rate of the market, "appropriate delisting rate", "reasonable stock price movements" and "good investment climate" are used as the yardstick. Comprehensive measurement of the new policy of delisting in 2012 compared with the old delisting system to improve the degree and play a substantive role.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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相關(guān)期刊論文 前1條

1 李明祥;李志祥;張金華;;上市公司退市風(fēng)險預(yù)警模型研究[J];數(shù)學(xué)的實踐與認(rèn)識;2008年13期

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