文档介绍：上海交通大学硕士学位论文
我国上市公司退市制度研究
摘要
我国于 2001 年正式启动上市公司退市机制,目的是使上市公司
优胜劣汰,促进资本市场的良性发展。但是,从我国上市公司退市制
度的具体实践来看,退市制度的实施效果不如人意,相当一部分劣质
公司迟迟不肯退市。如何解释我国证券市场这一独特现象,增强上市
公司退市制度的可操作性,以形成有进有退、优胜劣汰、良性循环的
局面,对我国证券市场的长远发展和经济增长,具有重要的现实意义。
本论文从制度比较和实证分析两方面对我国上市公司退市制度
及其实施效果进行研究,分析退市制度实施效果不佳的原因,探讨改
善退市制度实施效果的措施。全文由四部分内容组成。
第一部分为全文的绪论,主要讲述研究背景及意义、国内外文献
综述,同时介绍本论文结构与研究方法。
第二部分为制度比较,主要分析我国的退市制度,包括退市制度
的演变过程、退市程序及退市标准。并将国外的退市制度与我国进行
了比较。结果表明,我国上市公司退市制度的数量化标准太少,非数
量化标准操作性不强且覆盖范围有限,不利于发挥交易所的主观判断
作用。
第三部分为实证研究,包括文章的第三、四章,分别针对已退市
股票、仍旧被特别处理(简称为 ST)类股票及特别处理公司摘帽现
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上海交通大学硕士学位论文
RESEARCH ON CHINA’S
DELISTING SYSTEM
ABSTRACT
China officially launched the delisting system in 2001 to ensure the
panies’ survival of the fittest, and promote the sound development of
China’s capital market. However, the implementation effect of China's delisting
mechanism was not satisfactory. A considerable number of panies
refused to withdraw from the market. How to explain this unique phenomenon
of China's securities market, and to enhance the operability of China’s delisting
mechanism and form a virtuous circle and a situation of survival of the fittest
had important practical significance of the long-term development of China's
securities market and of economic growth.
Using pare and empirical research, this thesis studied
China’s delisting system and its implementation effect, analyzed the reasons
for the poor results of China’s delisting system, and provided some
suggestions on how to improve the effectiveness of China’s delisting system.
There were four parts in this thesis.
Part one was introduction of the whole thesis. The background and
meaning of writing this thesis, the review of literatures and the structure and
research methods of this thesis were introduced.
Part two focused on pare of delisting system. Firstly China's
delisting system was introduced, including the evolution of delisting system,
delisting p