本文選題：退市標(biāo)準(zhǔn) + ST公司　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：2001年我國上市公司退市機(jī)制正式啟動,目的在于促進(jìn)上市公司的優(yōu)勝劣汰和資本市場的健康發(fā)展。但是從我國上市公司的實際退市情況開看,退市制度的效果與預(yù)期還有很大差距,一部分超垃圾股鉆了退市標(biāo)準(zhǔn)的空子,大玩二一二游戲而一直存活于我國證券市場上。如何改變該現(xiàn)狀,增強(qiáng)上市公司退市標(biāo)準(zhǔn)的可執(zhí)行性,以形成證券市場上有進(jìn)有退、優(yōu)勝劣汰的局面,對我國證券市場的發(fā)展有重要的現(xiàn)實意義。本文比較了中外幾大證券市場的退市標(biāo)準(zhǔn)以及各自的實施效果,并具體探討了中國ST公司中玩二一二游戲的公司和戴帽后財務(wù)狀況好轉(zhuǎn)的公司之間各種利潤、非經(jīng)常性損益以及凈資產(chǎn)的不同,總結(jié)規(guī)律,力求從財務(wù)數(shù)據(jù)這一量化標(biāo)準(zhǔn)方面為中國的退市標(biāo)準(zhǔn)提供政策建議。同時本文對2012年5月2號上海證券交易所頒布的關(guān)于完善退市制度的征求意見稿進(jìn)行了探討。研究發(fā)現(xiàn),與國外發(fā)達(dá)市場相比,滬深主板的現(xiàn)行退市標(biāo)準(zhǔn)中數(shù)量化標(biāo)準(zhǔn)非常少。創(chuàng)業(yè)板方面,我國深交所正努力完善創(chuàng)業(yè)板的退市標(biāo)準(zhǔn)數(shù)量化標(biāo)準(zhǔn),借鑒國外標(biāo)準(zhǔn)痕跡明顯。與國外發(fā)達(dá)資本市場的退市制度的效果相比,我國退市制度的實施效果并不理想。最后本文從財務(wù)指標(biāo)方面對完善退市標(biāo)準(zhǔn)進(jìn)行了建議。本文認(rèn)為,完善我國退市標(biāo)準(zhǔn)不僅可以保證上市公司質(zhì)量,降低整個市場系統(tǒng)性風(fēng)險,而且能夠促進(jìn)我國股票市場體系有序和可持續(xù)發(fā)展。
[Abstract]:In 2001, the delisting mechanism of China's listed companies was officially launched, in order to promote the survival of the fittest and the healthy development of the capital market. However, the effect of the delisting system has a big gap from the actual delisting situation of the listed companies in our country. A part of the super garbage shares drilled the blank of the delisting standard and played 212 tours. The play has been living in the securities market of China. How to change the present situation and enhance the executability of the delisting standards of the listed companies in order to form the situation that the stock market has a backward, superior and inferior quality is of great practical significance to the development of the securities market in our country. This paper compares the delisting standards of several large securities markets in China and abroad and their respective reality. The effect is given, and the profits, non recurrent gains and losses and the difference of net assets between the companies playing 212 games in China's ST company and the companies with better financial conditions after wearing the cap are discussed, and the policy suggestions are provided for China's Withdrawal Standards from the quantitative standard of financial data. At the same time, this article is on 2012 5. The Shanghai Stock Exchange issued by the Shanghai stock exchange conducted a discussion on the solicit draft on the improvement of the delisting system. Compared with the developed foreign markets, the quantitative standard of the current delisting standards in Shanghai and Shenzhen main board is very small. Compared with the effect of the delisting system in the developed foreign capital market, the effect of the delisting system in China is not ideal. Finally, this paper makes suggestions on the improvement of the delisting standard from the financial index. This paper holds that the improvement of the delisting standard in China can not only guarantee the quality of the listed companies, but also reduce the systemic risk of the whole market. Moreover, it can promote orderly and sustainable development of China's stock market system.

【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】：2012
【分類號】：F276.6;F832.51

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本文編號：1843161