终止上市制度变化、问题及对策研究

Research on the Changes, Problems and Countermeasures of Terminating the Listing of Stocks Mechanism

中文关键词:  *ST股票  终止上市  退市制度

英文关键词:ST stocks  terminating the listing of stocks  delisting system

中文摘要:

      从证券市场中长期存在的痼疾“退市难”问题出发,在沪深两市刚刚发布新退市制度的大背景下,以深市的新退市制度为重点进行研究。首先,对比了深市新旧退市制度在终止上市环节的差异。其次,以深市截至2013年4月10日被处以退市风险警示但仍未退市的*ST公司为样本,假设新制度在2008年1月1日起开始实行,观察新制度在2008—2011年间在终止上市环节上对样本的约束力。通过研究发现,新制度对于*ST公司的约束力确实有很大提高,但仍存在很多问题。最后,针对这些问题提出了证券市场中监管者在新形势下的改进策略。

英文摘要:

      In order to solve the long-existing problem of “delisting” in the stock market, this paper, after SZSE (Shenzhen Stock Exchange) and SSE (Shanghai Stock Exchange) have just released a new mechanism of suspending and terminating the listing of stocks, studies the new delisting mechanism of SZSE. First, this paper compares the differences between the new and old mechanisms in terminating the listing of stocks. Second, this paper takes the *ST stocks as of April 10,3 in SZSE as samples, supposing that the new mechanism has been implemented since January 1,8, and finds the binding effect of the new delisting mechanism from 2008 to 2011. The study finds the binding effect of the new delisting mechanism have been greatly improved, while some problems are found existing in the new delisting mechanism. Finally, this paper proposes the improvement strategies for regulators in the new situation.