本文關(guān)鍵詞：我國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度創(chuàng)新策略研究　出處：《吉林大學(xué)》2016年博士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 納斯達(dá)克 退市制度 證券市場(chǎng)預(yù)警 量化模型 退市風(fēng)險(xiǎn) 制度創(chuàng)新

【摘要】：我國(guó)創(chuàng)業(yè)板市場(chǎng)于2009年10月正式掛牌交易,到2016年6月底,已經(jīng)由第一批的28家上市公司增長(zhǎng)到512家,總市值達(dá)到5.2萬(wàn)億元,占我國(guó)股票市場(chǎng)總市值的25%。創(chuàng)業(yè)板市場(chǎng)無(wú)論在上市公司數(shù)量、交易規(guī)模、流通市值成長(zhǎng)速度及市場(chǎng)影響力等方面,已經(jīng)成長(zhǎng)為我國(guó)金融市場(chǎng)的一個(gè)重要平臺(tái)。在充分肯定創(chuàng)業(yè)板市場(chǎng)這6年多來(lái)的輝煌成就前提下,我們也認(rèn)識(shí)到創(chuàng)業(yè)板市場(chǎng)仍有缺陷和問(wèn)題,例如財(cái)務(wù)指標(biāo)不真實(shí)的公司及連續(xù)5年?duì)I業(yè)利潤(rùn)為負(fù)的公司還在繼續(xù)交易,雖然有很多造假案例但還沒(méi)有一家退市公司。創(chuàng)業(yè)板缺少有效的退市預(yù)警制度和社會(huì)保險(xiǎn)體系,沒(méi)有便捷通暢的退市執(zhí)行程序及退市渠道。本研究以中國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度創(chuàng)新策略作為研究主題,以制度創(chuàng)新理論、金融風(fēng)險(xiǎn)理論為基礎(chǔ),通過(guò)運(yùn)用統(tǒng)計(jì)數(shù)量分析、風(fēng)險(xiǎn)預(yù)測(cè)Z-Score模型和O-Score模型,以及退市概率的KMV Merton模型對(duì)創(chuàng)業(yè)板上市公司的退市風(fēng)險(xiǎn)進(jìn)行測(cè)算,同時(shí)建立中國(guó)創(chuàng)業(yè)板市場(chǎng)的Z-Score風(fēng)險(xiǎn)模型。通過(guò)運(yùn)用這些模型,測(cè)算出我國(guó)創(chuàng)業(yè)板存在一批高風(fēng)險(xiǎn)公司。通過(guò)分析美國(guó)納斯達(dá)克市場(chǎng)退市管理的經(jīng)驗(yàn)及教訓(xùn),參考和汲取適合我國(guó)社會(huì)經(jīng)濟(jì)環(huán)境的內(nèi)容,在保留我國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度中合理部分的同時(shí),創(chuàng)新提出增加運(yùn)用數(shù)理統(tǒng)計(jì)原理的量化模型預(yù)測(cè)風(fēng)險(xiǎn);設(shè)立退市警示制度并配以多層次的申訴流程;增加財(cái)務(wù)利潤(rùn)來(lái)源要求,增加保薦人長(zhǎng)期跟蹤的要求。提出了一系列保障措施,包括為創(chuàng)業(yè)板市場(chǎng)退市公司設(shè)計(jì)了幾種出路,即中小板,新三板及股權(quán)轉(zhuǎn)讓機(jī)構(gòu),提出了簡(jiǎn)化創(chuàng)業(yè)板公司轉(zhuǎn)板手續(xù)的要求;建立二級(jí)創(chuàng)業(yè)板市場(chǎng);設(shè)立退市審批機(jī)構(gòu);提出了強(qiáng)化交易所監(jiān)管及自律協(xié)會(huì)監(jiān)管的建議;詳細(xì)設(shè)計(jì)了投資者保護(hù)機(jī)制,設(shè)立保證金及風(fēng)險(xiǎn)保險(xiǎn)機(jī)制、個(gè)人追責(zé)及賠償制度,保證投資者的權(quán)益不受虛假作弊企業(yè)的傷害。通過(guò)以上舉措,達(dá)到完善我國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度的目的。主要?jiǎng)?chuàng)新點(diǎn)為首次運(yùn)用創(chuàng)業(yè)板上市公司的數(shù)據(jù)建立了風(fēng)險(xiǎn)模型,為投資者提供風(fēng)險(xiǎn)信息與教育;提出建立預(yù)警及警示整改體系,給高風(fēng)險(xiǎn)公司改正缺陷的機(jī)會(huì);設(shè)計(jì)了一套精細(xì)化的退市制度體系,明確盈利來(lái)源于主營(yíng)業(yè)務(wù)及審計(jì)報(bào)告要求同行審計(jì)等,便于各方理解與執(zhí)行。盼望創(chuàng)業(yè)板市場(chǎng)逐步推行創(chuàng)新后的退市制度體系,為創(chuàng)新型企業(yè)提供一個(gè)不斷發(fā)展的金融平臺(tái),有力地促進(jìn)我國(guó)經(jīng)濟(jì)的平穩(wěn)健康發(fā)展。
[Abstract]:China's gem market was officially listed on October 2009. By the end of June 2016, it had grown from the first batch of 28 listed companies to 512, with total market value reaching 5.2 tillion yuan. The number of listed companies, the scale of transactions, the growth rate of market value circulation and the influence of the market, etc., account for 25% of the total market value in China's stock market. It has grown into an important platform of our financial market. Under the premise of fully affirming the brilliant achievements of the gem market in the past six years, we also realize that there are still defects and problems in the gem market. For example, companies with untrue financial indicators and companies with negative operating profits for five consecutive years continue to trade. Although there are many cases of fraud, but not a delisting company. Gem lack of effective delisting warning system and social insurance system. There is no convenient and unobstructed delisting implementation procedures and delisting channels. This study takes the Chinese gem delisting system innovation strategy as the research theme, based on the institutional innovation theory and financial risk theory. Through the use of statistical quantitative analysis, risk prediction Z-Score model and O-Score model. And the KMV Merton model of delisting probability is used to calculate the delisting risk of gem listed companies. At the same time, the Z-Score risk model of China gem market is established. By analyzing the experiences and lessons of delisting management on NASDAQ, we can learn from the contents suitable for our country's social and economic environment. While retaining a reasonable part of the delisting system of the gem in China, the author proposes to increase the risk prediction by using the quantitative model of mathematical statistics. Setting up the warning system of delisting and matching the multi-level appeal process; Increase the financial profit source requirements, increase the sponsor long-term tracking requirements. Put forward a series of safeguards, including the gem market delisting company designed several outlets, that is, small and medium-sized board. The new third board and the equity transfer organization put forward the request to simplify the procedures of the gem company to transfer the board; Establishing the secondary gem market; The establishment of a delisting examination and approval agency; The suggestions of strengthening the supervision of exchanges and self-regulation associations are put forward. Detailed design of investor protection mechanism, the establishment of margin and risk insurance mechanism, individual liability and compensation system, to ensure that investors' rights and interests are not affected by false cheating enterprises. Through the above measures. The main innovation points are the establishment of risk model for the first time using the data of gem listed companies to provide risk information and education for investors; Put forward the establishment of early warning and warning rectification system to give high-risk companies the opportunity to correct defects; Designed a set of fine delisting system system, clear that the profit from the main business and audit report requirements peer audit and so on. It is easy for all parties to understand and implement. It is hoped that the gem market will gradually carry out the system of delisting after innovation, provide a continuously developing financial platform for innovative enterprises, and promote the steady and healthy development of China's economy.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：F832.51
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本文編號(hào)：1366104