本文關(guān)鍵詞： 退市制度 特殊處理 均值比較分析 logistic回歸　出處：《江西財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：中國股票市場經(jīng)過了二十多年的發(fā)展,雖然取得了不錯的成績,但是與發(fā)達(dá)國家的股票市場相比還是有較大的差距。上市公司退市制度一直是我國證券市場制度建設(shè)中的一個相對薄弱的環(huán)節(jié)。中國股票市場一直存在退市難的問題,經(jīng)營很差的公司或者是差到一定程度的公司可以以很低的成本來維持公司的運(yùn)作而不被退市。因此提升上市公司的質(zhì)量水平及倡導(dǎo)理性投資值得關(guān)注與重視。 本文研究退市制度的切入點(diǎn)主要是ST制度及ST板塊,本文的研究對象是ST板塊的退市制度。作為退市制度的緩沖機(jī)制,ST制度在對輸送劣質(zhì)公司走向退市起著十分重要的作用。本文主要探討退市難及退市制度如何完善的問題。通過研究退市公司和ST公司,本文主要得出以下結(jié)論及建議：(1)我國退市的數(shù)量化標(biāo)準(zhǔn)相對于成熟市場而言較少；在非量化標(biāo)準(zhǔn)上雖然也有不少規(guī)定,但往往執(zhí)行起來相對較困難。(2)在退市程序上,我國的退市制度的執(zhí)行效率較低且實(shí)施的彈性較大。證券交易所按市場化退市制度來批準(zhǔn)退市的權(quán)限較小。(3)ST制度的執(zhí)行效益并不高,ST制度真正為良性公司提供退市緩沖的作用只占其中很小的一部分,大部分劣質(zhì)公司還是長期混跡于ST板塊中,而且這些公司并無好轉(zhuǎn)的跡象。(4)ST公司的摘帽規(guī)則有待細(xì)化,我們還要及時關(guān)注摘帽公司的資產(chǎn)規(guī)模及質(zhì)量,對摘帽公司的短視行為給予揭示。(5)在識別與度量退市風(fēng)險(xiǎn)方面,logistic模型的結(jié)果表明公司的總資產(chǎn)周轉(zhuǎn)率及大股東是否變更對劣質(zhì)的上市公司是否退市起到很大的影響。完善我國退市制度的建議：(1)我國上市公司應(yīng)加強(qiáng)退市制度中數(shù)量化指標(biāo)的建設(shè),加強(qiáng)退市制度的執(zhí)行效率；(2)我國股市中ST制度的執(zhí)行效率較高,但是執(zhí)行效益較差,ST制度作為退市制度的緩沖機(jī)制亟待完善；(3)ST公司摘帽標(biāo)準(zhǔn)有待進(jìn)一步細(xì)化和更嚴(yán)格的規(guī)定；(4)現(xiàn)有的退市制度過于溫和,我國股票市場亟需更加嚴(yán)厲的退市機(jī)制,從而達(dá)到凈化我國的股票市場和保持我國股市的長期健康發(fā)展的目的。 本文共分六章：第一章導(dǎo)論；第二章主要研究退市制度的相關(guān)理論；第三章主要研究及比較國內(nèi)外退市制度的發(fā)展歷程與現(xiàn)狀；第四章主要對ST制度實(shí)施效果進(jìn)行實(shí)證分析；第五章對上市公司退市風(fēng)險(xiǎn)進(jìn)行了識別與度量；第六章為結(jié)論與建議。
[Abstract]:China's stock market has been developed for more than 20 years, although it has achieved good results. However, compared with the stock market in developed countries, there is still a big gap. The delisting system of listed companies has always been a relatively weak link in the construction of China's securities market system. China's stock market has always been difficult to delist. The problem. The poor company or the poor company can maintain the operation of the company at a very low cost without being delisted, so it is worth paying attention to to improve the quality level of the listed company and to advocate rational investment. The entry point of this study is St system and St plate. The object of this paper is the delisting system of St plate, which acts as the buffer mechanism of delisting system. St system plays a very important role in the transportation of inferior companies to delisting. This paper mainly discusses the problems of delisting and how to improve the delisting system. Through the study of delisting companies and St companies. This paper draws the following conclusions and suggestions: (1) the quantitative standard of delisting in China is less than that of mature market; Although there are many provisions on non-quantitative criteria, they are often relatively difficult to implement) in the delisting process. The implementation efficiency of the delisting system in our country is low and the implementation is more flexible. The executive benefit of the stock exchange to approve the delisting system is not high according to the market delisting system. St system for benign companies to provide a delisting buffer only a small part of which, most of the inferior companies or long-term mixed in the St plate. And these companies are not improving the signs of St companies to refine the rules, we also need to pay attention to the size and quality of assets. To reveal the short-sighted behavior of the company. 5) in the identification and measurement of delisting risk. The results of logistic model show that the turnover rate of total assets and the change of major shareholders have a great influence on the delisting of inferior listed companies. China's listed companies should strengthen the construction of quantitative indicators in the delisting system. Strengthening the efficiency of the delisting system; (2) the implementation efficiency of St system in Chinese stock market is relatively high, but the efficiency of St system is poor and the St system as the buffer mechanism of delisting system needs to be improved. The standard of removing cap of St company needs to be further refined and more strict regulation; 4) the current delisting system is too mild, and the stock market in our country needs more severe delisting mechanism to purify our stock market and maintain the long-term healthy development of our stock market. This paper is divided into six chapters: the first chapter is an introduction; The second chapter mainly studies the relevant theory of delisting system; The third chapter mainly studies and compares the development course and the present situation of the delisting system at home and abroad. Chapter 4th mainly carries on the empirical analysis to the St system implementation effect; Chapter 5th identifies and measures the delisting risk of listed companies; Chapter 6th is the conclusion and recommendation.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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