本文關鍵詞： ST公司 非經常性損益 退市制度 影響　出處：《四川師范大學》2013年碩士論文　論文類型：學位論文

【摘要】：自2001年初我國退市標準實施以來，A股退市公司總計僅有40余家，占目前A股掛牌公司數(shù)量的1.8%，這幾乎可視為一種“零淘汰”的退市制度。在任何一個市場，只要出現(xiàn)“只進不出”的現(xiàn)象，就都是畸形的市場，最終將會因為發(fā)展不平衡而消亡。退市制度不完善，是造成中國股市被指圈錢市、炒作市的根本原因。無數(shù)企業(yè)不惜血本甚至采取弄虛作假、大肆行賄等違規(guī)違法手段來獲取上市資格，募集巨額的資金。 上市后，很多公司連年虧損、資不抵債，但卻由于非經常性損益和退市制度缺陷的庇護，一路走來都有驚無險�？梢姺墙洺Ｐ該p益和退市制度之間確實存在很緊密的關系。隨著滬深交易所創(chuàng)業(yè)板、主板、中小企業(yè)退市制度的連續(xù)出臺，“停而不退”的上市公司境遇堪憂。新規(guī)增加了“扣除非經常性損益的凈利潤”這一退市指標，加大了退市的力度。新制度的出臺，對ST公司利用非經常性損益來調節(jié)利潤的情況有所限制，但是能不能徹底杜絕這種現(xiàn)象，，還有待考察。 本文首先對國內外非經常性損益進行了相關界定，介紹了我國非經常性損益的發(fā)展過程以及存在的問題，然后介紹了國內外成熟證券市場上市公司的退市制度，并通過我國新舊退市制度的對比指出了我國退市制度存在的問題，接著選用樣本ST公司進行了實證分析，找出新規(guī)出臺之前非經常性損益對退市制度的影響，最后通過新制度出臺后相關問題的分析，試圖找出新制度下對非經常性損益強化以及新制度的可行性，為我國證券市場退市制度的完善提出自己的建議。
[Abstract]:Since the implementation of China's delisting standards in early 2001, there have been only more than 40 A-share delisting companies, accounting for 1.8% of the total number of A-share listed companies at present. This can almost be regarded as a "zero elimination" delisting system. As long as there is a phenomenon of "just not getting in", it will be a deformed market, which will eventually die out because of the imbalance in development. The imperfect system of delisting is the result of the Chinese stock market being accused of ringfencing the money market. Innumerable enterprises even take illegal means such as fraud, bribery and other illegal means to obtain listing qualifications and raise huge amounts of funds. After listing, many companies have made successive losses and become insolvent, but have been sheltered by non-recurrent gains and losses and defects in the delisting system. We can see that there is a very close relationship between the non-recurrent gains and losses and the delisting system. With the growth Enterprise Market of the Shanghai and Shenzhen Stock Exchange, the main board, With the continuous introduction of the delisting system for small and medium-sized enterprises, the listed companies that "stop without withdrawing" are in dire straits. The new rules have increased the delisting target of "net profit after deducting non-recurring profits" and increased the strength of delisting. The use of non-recurrent profit and loss in St company is limited, but whether this phenomenon can be completely eliminated remains to be investigated. This paper firstly defines the non-recurrent profit and loss at home and abroad, introduces the development process and existing problems of non-recurrent profit and loss in China, and then introduces the delisting system of listed companies in domestic and foreign mature stock markets. And through the comparison of the new and old delisting system, this paper points out the existing problems of China's delisting system, then selects the sample St company to carry on the empirical analysis, finds out the influence of the non-recurrent profit and loss on the delisting system before the new regulation comes out. Finally, through the analysis of the related problems after the new system came out, this paper tries to find out the strengthening of the non-recurrent profit and loss under the new system and the feasibility of the new system, and puts forward some suggestions for the perfection of the delisting system in China's securities market.
【學位授予單位】：四川師范大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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4 鄭s

本文編號：1513467