發(fā)布時間：2018-06-27 18:41

  本文選題：ST股 + 退市機制��； 參考：《河南工業(yè)大學》2014年碩士論文

【摘要】：證券市場的健康發(fā)展是我國資本市場，乃至整個國家經(jīng)濟健康、快速發(fā)展的前提條件。如何通過建立健全退市制度，進而改善退市機制，是完善立體化資本市場建設的重要課題。本課題首先介紹我國在上市企業(yè)退市標準方面的歷史沿革及設立ST制度的背景，然后分析國內(nèi)外較先進的退市機制的經(jīng)驗總結(jié)及對完善我國退市機制的啟示，再次分析不完善的退市機制對我國資本市場在產(chǎn)業(yè)發(fā)展等方面的影響，選擇典型的退市案例進行分析，最后根據(jù)以上的分析從市場、企業(yè)和技術層面提出改善我國退市機制的對策建議。 本文采用以下幾種研究方法：（1）文獻研究法，即在第一部分和第三部分中通過調(diào)查相關文獻獲得國內(nèi)和國外關于退市機制研究的歷史發(fā)展，從而全面正確地了解當前國內(nèi)和國外在退市機制方面的研究現(xiàn)狀。（2）對比分析法，在第二部分中通過對比國內(nèi)和國外發(fā)達證券市場的退市法規(guī)和退市標準，提出改善我國退市機制和提高退市水平的政策建議。（3）案例分析法，主要體現(xiàn)在本文第四部分，該部分選取部分ST股的案例進行分析，使文章更充實。具體每個部分的研究內(nèi)容如下： 第一章緒論概述本論文的研究動機與目的、研究范圍和方法�；仡檱鴥�(nèi)外關于上市企業(yè)退市機制的研究現(xiàn)狀，以及本文的研究思路和可能存在的創(chuàng)新點。 第二章對境外成熟市場包括美國納斯達克證券交易所、英國倫敦交易所、香港聯(lián)合交易所和境內(nèi)的滬深交易所上市企業(yè)退市機制的歷史沿革及發(fā)展現(xiàn)狀進行分析，總結(jié)出完善我國退市機制值得借鑒的經(jīng)驗。 第三章分析我國ST股退市機制對資本市場效率的影響，包括降低市場配置功能，阻礙產(chǎn)業(yè)并購發(fā)展；損害價格發(fā)現(xiàn)功能，使股票市場喪失投資增值功能；損害價值投資理念，加劇股票市場風險；滋生內(nèi)幕交易，弱化股票市場投資增值功能等方面，由此得出完善我國ST股退市機制的必要性。 第四章通過分析我國ST股退市機制下的案例，即虧損被迫退市的*ST炎黃和通過吸收合并主動退市的*ST上航與ST東航，總結(jié)在我國ST股退市制度下上市企業(yè)退市的原因和比例，為完善退市機制提供宏觀參考。 第五章根據(jù)以上分析，從市場、企業(yè)和技術層面提出完善我國證券市場ST股退市機制的政策建議，，包括矯正證券市場功能定位，深化體制改革；深化股權(quán)分置改革，降低上市企業(yè)退市成本；完善退市程序，提高并細化退市標準等。
[Abstract]:The healthy development of the securities market is the prerequisite for the economic health and rapid development of our country's capital market and even the whole country. How to improve the delisting mechanism by establishing a sound delisting system and then improving the delisting mechanism is an important issue to improve the construction of the three-dimensional capital market. This topic first introduces the historical evolution of our country's delisting standards in the listed enterprises. And the background of setting up the ST system, and then analyzing the experience of the more advanced delisting mechanism at home and abroad and the enlightenment to the improvement of the delisting mechanism in China, and again analyzing the influence of the imperfect delisting mechanism on the industrial development of China's capital market, selecting the typical case of the delisting, and finally from the market, and in the light of the above analysis. In terms of industry and technology, we put forward countermeasures and suggestions for improving China's delisting mechanism.
This paper uses the following methods: (1) literature research, that is, in the first and third parts, through the investigation of relevant literature to obtain the historical development of the research on the delisting mechanism at home and abroad, so as to fully and correctly understand the current domestic and foreign research status of the delisting mechanism. (2) the comparative analysis method, in the second part. By comparing the delisting regulations and delisting standards of the domestic and foreign developed securities markets, the policy suggestions to improve the delisting mechanism and the level of the delisting are proposed. (3) the case analysis method is mainly embodied in the fourth part of this article. As follows:
The first chapter introduces the motivation and purpose of the research, the scope and methods of the research, reviews the status of the research on the delisting mechanism of listed companies at home and abroad, and the research ideas and possible innovation points in this paper.
The second chapter analyzes the historical evolution and development status of the delisting mechanism in the mature markets including the Nasdaq Stock Exchange, the London Stock Exchange, the Hongkong stock exchange and the Shanghai and Shenzhen Stock Exchange listed companies in the United States, and summarizes the experience of perfecting the delisting mechanism in China.
The third chapter analyzes the effect of the delisting mechanism on the efficiency of the capital market in China, including reducing the market allocation function, hindering the development of industrial merger and acquisition, damaging the price discovery function, causing the stock market to lose the value added function, damaging the value investment concept, intensifying the stock market risk, breeding insider trading and weakening the value added work of the stock market investment. It is necessary to improve the delisting mechanism of ST shares in China.
The fourth chapter, through the analysis of the case of the delisting mechanism of our country's ST shares, that is, the *ST Yan Huang and the *ST Shanghai Airlines and ST East Airlines by absorbing the merged and active delisting, sum up the reasons and the proportion of the listed enterprises to go out of the market under the system of the t share market in China, and provide a reference for the improvement of the delisting mechanism.
The fifth chapter, according to the above analysis, puts forward the policy suggestions to improve the mechanism of the stock market in the stock market from the market, the enterprise and the technical level, including the correction of the function orientation of the securities market, the deepening of the reform of the system, the deepening of the split share reform, the reduction of the cost of the delisting of the listed enterprises, the improvement of the delisting procedures, and the improvement and refinement of the delisting standards.
【學位授予單位】：河南工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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