本文關(guān)鍵詞：我國上市公司退市機制研究　出處：《山西財經(jīng)大學(xué)》2011年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 退市機制 行政干預(yù) 信息披露

【摘要】：證券市場是市場經(jīng)濟的產(chǎn)物,它在資源合理配置,經(jīng)濟發(fā)展,提高國民收入等方面都扮演著重要的角色。上市公司是證券市場的重要組成部分,上市公司運行質(zhì)量的好壞對證券市場能否順利發(fā)展起著至關(guān)重要的作用。而作為證券市場制度建設(shè)的重要部分,退市機制是提高上市公司質(zhì)量,促進證券市場繁榮有力保障。退市機制建設(shè)的是否完善、運行狀況都會長期影響一個國家的上市公司運行質(zhì)量,證券市場的資源配置功能能否實現(xiàn)及整個市場的風(fēng)險控制程度。 長期以來,我國缺乏健全的上市公司退市機制,導(dǎo)致證券市場違法違規(guī)的情況越來越多,證券市場存在大量劣質(zhì)公司,浪費社會稀缺資源,同時造成整個證券市場投機氛圍濃重,影響了市場的健康發(fā)展。隨著上市公司退出機制的正式建立,我國證券市場有進無出的時代終于結(jié)束了。然而,在退出機制正式實施至今的近十年來,同國外成熟市場相比,我國退市標(biāo)準(zhǔn)和退市程序都有待完善,在實踐上看,行政干預(yù)上市公司正常退市、退市成本過高、上市公司尋找信息披露等機制漏洞逃脫監(jiān)管等問題也是屢見不鮮。 本文通過對當(dāng)前我國上市公司退市機制存在的問題進行研究分析,認(rèn)為我國在建立上市公司退出機制所存在如下問題,首先,退市標(biāo)準(zhǔn)和退市程序不完善,其次,上市公司退市成本過高,信息披露存在隱患,同時公司退市也給投資者帶來嚴(yán)重影響,最后,我國的上市核準(zhǔn)制度也直接影響了我國上市公司退市機制的順利實施。因此,我國退市機制建設(shè)應(yīng)從這些方面著手,進一步規(guī)范退市標(biāo)準(zhǔn),完善退市程序。針對退市成本過高問題應(yīng)該著力于多層次市場體系的建設(shè)與中小投資者的利益保護方面,為退市機制順利實施掃清障礙。加強信息披露制度建設(shè),明確各部門責(zé)任,使上市公司信息披露更加公開透明及時。最后,要進一步推進我國上市制度發(fā)展,使證券市場進出通暢,才能更好得把上市公司退市機制落到實處。
[Abstract]:The stock market is a product of the market economy, it is in the rational allocation of resources for economic development, improve the national income and other aspects play an important role. The listed company is an important part of the securities market, the quality of the listed company is running smoothly development plays a vital role in the securities market can. As an important part of the system of securities market the construction of the delisting mechanism is to improve the quality of listed companies, promoting the prosperity of securities market guarantee. Delisting mechanism construction is perfect, operating conditions will affect a country's long-term operation of listed companies for the quality of the resource allocation function of securities market can be realized and the risk control of the whole market.
For a long time, China's lack of a sound delisting mechanism of listed companies, the stock market more and more cases of violations of the securities market, there are a large number of low-quality companies, waste of social scarce resources, also causing the speculative atmosphere of the entire stock market strong, affect the healthy development of the market. With the formal establishment of the exit mechanism of listed companies, China Securities the market has not come out the end of the age. However, since the implementation of the official exit mechanism in the past ten years, compared with the foreign mature market, China's delisting standards and delisting procedures have to be perfect, in practice, the normal administrative intervention of listed companies delisting, delisting cost is too high, looking for information disclosure of listed companies the mechanism of supervision and other issues and vulnerabilities to escape It is often seen..
This paper analyzes the current delisting mechanism of Listed Companies in China, that the following problems existing in the establishment of exit mechanism of listed companies firstly, delisting standards and delisting procedures is not perfect, the high cost of delisting of listed companies, information disclosure problems, the company delisting also brings the serious influence to investors finally, China's listing approval system also directly affects the smooth implementation of the delisting mechanism of Listed Companies in China. Therefore, these aspects should be the construction of our delisting mechanism to further standardize the delisting standards, improve the delisting procedures. Aiming at the problem of high cost of the delisting should protect the interests of small investors and focus on the construction of multi-level market system the implementation of the delisting mechanism, to clear away the obstacles smoothly. To enhance the information disclosure system, clear responsibilities of various departments, the listed company information disclosure Finally, we should further promote the development of China's listing system and make the securities market in and out smoothly so as to better implement the delisting mechanism of listed companies.

【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：F832.51

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本文編號：1384023