我国股票市场退市机制研究
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摘要
我国股票市场退市机制从无到有,经历了十多年的发展。随着我国股票市场制度建设的不断深入,对股票市场退市机制改革的呼声也越来越高。股票市场的退市机制是股票市场机制的重要组成部分,是发挥股票市场融资投资,优化市场资源配置,合理确定资产价格,分散市场风险和完善上市公司治理结构的重要工具。
本文共分为五个部分,第一部分介绍了本文的研究背景和研究意义;第二部分立足于股票市场退市机制的相关理论,论证了完善股票市场退市机制的必要性和可行性;第三部分在借鉴成熟股票市场退市机制经验的基础上分析了我国股票市场退市机制建设中存在的主要问题;第四部分重点分析了影响我国股票市场退市机制的因素;第五部分在以上分析基础之上,提出了完善股票退市机制的构想与建议。
The delisting mechanism of stock market developing from nothing had gone through more than ten years in china. With going deeper of the system construction in our stock market, the voice about reform of the delisting mechanism in stock market had became more and more higher. The delisting mechanism of stock market is the important component of the stock market mechanism. It is the important tools of financing and investment, optimizing resource allocation, determining asset prices rationally, spreading the risks of stock market and improving the governance structure of listed companies.
There are five parts in this thesis. In part one, the thesis introduces the background and meaning of writing the thesis; In part two, the thesis demonstrates the necessity and feasibility of improving the delisting mechanism of stock market, on the analysis of related theory that the delisting mechanism of stock market; In part there, the thesis analyses the major problem of the mechanism construction in our stock market from learning the experiences of mature stock markets; In part four, the thesis mainly analyses the factors affecting the stock market delisting mechanism; In part five, basing on the above analysis, gives some ideas and suggestions on how to improve the delisting mechanism of stock market.
本文共分为五个部分,第一部分介绍了本文的研究背景和研究意义;第二部分立足于股票市场退市机制的相关理论,论证了完善股票市场退市机制的必要性和可行性;第三部分在借鉴成熟股票市场退市机制经验的基础上分析了我国股票市场退市机制建设中存在的主要问题;第四部分重点分析了影响我国股票市场退市机制的因素;第五部分在以上分析基础之上,提出了完善股票退市机制的构想与建议。
The delisting mechanism of stock market developing from nothing had gone through more than ten years in china. With going deeper of the system construction in our stock market, the voice about reform of the delisting mechanism in stock market had became more and more higher. The delisting mechanism of stock market is the important component of the stock market mechanism. It is the important tools of financing and investment, optimizing resource allocation, determining asset prices rationally, spreading the risks of stock market and improving the governance structure of listed companies.
There are five parts in this thesis. In part one, the thesis introduces the background and meaning of writing the thesis; In part two, the thesis demonstrates the necessity and feasibility of improving the delisting mechanism of stock market, on the analysis of related theory that the delisting mechanism of stock market; In part there, the thesis analyses the major problem of the mechanism construction in our stock market from learning the experiences of mature stock markets; In part four, the thesis mainly analyses the factors affecting the stock market delisting mechanism; In part five, basing on the above analysis, gives some ideas and suggestions on how to improve the delisting mechanism of stock market.
引文
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[2]王光伟.中国金融体制改革焦点问题研究[M].上海:复旦大学出版社,2003.55-74.
[3]倪勇.我国股票市场退市机制研究[D].复旦大学博士学位论文,2004(11).
[4]刘艳琴.我国上市公司退市制度研究[D].上海交通大学硕士学位论文,2008(1).
[5]易鹏.ST大水:壳资源依旧昂贵的悲哀[J].董事会,2009,(10).
[6]警惕创业板退市风险[EB/OL].深圳证券交易所,2009-5-14.
[7]吴晓求.证券投资学[M].北京:中国人们大学出版社,2000.55.
[8]约翰·伊特韦尔,默里·米尔盖特,彼得·纽曼.新帕尔格雷夫经济学大辞典(第二卷)[M].经济科学出版社,1996.236.
[9]程长羽.政治经济学[M].天津:天津出版社,2003.331.
[10]马克思.资本论(第二卷)[M].北京:人民出版社,1975(6).121.
[11]约翰·伊特韦尔,艾斯·泰勒.全球风险监管[M].北京:经济科学出版社,2001(7).
[12]约翰·S·戈登.伟大的博弈[M].北京:中信出版社,2005.39.
[13]吴铭.破产重整多少ST公司能“咸鱼翻身”.中国证券报·中证网,2010(2).23.
[14]胡振东.试论我国证券民事赔偿制度的建立与完善[J].黑龙江省政法管理干部学院学报,2009(4).
[15]吴晓求.退市:我国资本市场市场化的关键一步[J].金融信息参考,2001(05).
[16]马琳,秦薇.退市机制——中国证券市场健康持续发展不可或缺的一环[N].巨潮网,2001年4月17号.
[17]胡坚.建立退市机制优化资源配置[N].中国证券报,2001年4月17号.
[18]韩志国.建立有序和有效的股市退出机制[J].经济导刊,2001(3).
[19]钟伟.历史旧债未偿,股市缺陷依旧[J].商界,2001(4).
[20]万春.我国亏损上市公司盈余管理研究[D].首都经济贸易大学硕士学位论文,2004(3).
[21]赵宇恒.ST公司生命线分析[D].吉林大学硕士学位论文,2004(5).
[22]肖雄伟.创业板市场更需构建好退市制度[J].金融发展研究,2009,(3).
[23]李自然,成思危.完善我国上市公司的退市制度[J].金融研究,2006,(11).
[24]李晓玲,丁佳佳.退市制度对上市公司盈余管理影响的实证研究[J].安徽大学学报(哲学社会科学版),2007,(6).
[25]张心瞻.中国证券市场退市机制探讨[J].科技广场,2007,(10).
[26]王丽娟,李亚宁.完善我国证券市场退市制度的思考[J].沈阳大学学报,2004,(3).
[27]郭智,杨春鹏.我国上市公司退市机制的运行现状及完善[J].价值工程,2004,(9).
[28]连达鹏.香港上市公司被强制退市的退市机制研究[J].金融法苑,2008,(4).
[29]戈宏,惠佳颖.从退市标准的差异看完善我国的退市制度[J].金融论坛,2001,(7).
[30]马光远.“复活”退市机制[J].中国中小企业,2009,(6).
[31]吴媛,成长群.我国退市机制面临的问题及对策[J].学习月刊,2009,(20).
[32]冯芸,刘艳琴.上市公司退市制度实施效果的实证分析[J].财经研究,2009,(1).
[33]张宜芳.我国上市公司退市机制的研究[J].知识经济,2009,(4).
[34]肖雄伟.我国创业板退市制度不容轻视[J].银行家,2009,(4).
[35]井润生,王鑫.对我国退市机制的思考[J].黑龙江财专学报,2001,(5).
[36]肖雄伟.创业板市场需构建好退市制度[J].河北金融,2009,(3).
[37]朱才斌,汤文仙.退市机制对我国股票市场功能的影响[J].金融与经济,2006,(2).
[38]吴聪.中外上市公司退市机制的比较及启示[J].商场现代化,2006,(16).
[39]吴少平.探索实施中小企业板退市机制[J].会计之友(下旬刊),2007,(5).
[40]徐晓巍,王进.上市规则修订酝酿四大变局启动快速退市机制[J].金融纵横,2007,(8).
[41]常俊峰.证券公司退市机制中的法律问题[J].中国审判,2007,(3).
[42]安济隆.上市公司退市机制研究[J].北方经贸,2008,(7).
[43]陈峥嵘.启动我国证券公司退市机制[J].中国金融,2003,(12).
[44]陈观成.尽快建立上市公司退市机制[J].经济论坛,2004,(7).
[45]甘功仁,杨益.完善我国上市公司退市制度[J].中国金融,2004,(12).
[46]林臻.进一步完善我国证券市场退市制度[J].发展研究,2004,(3).
[47]胡安君.新退市制度对市场意味着什么[J].金融信息参考,2002,(1).
[48]张莉.对完善我国退市机制的探讨[J].广东经济,2002,(1).
[49]杨峰.海外创业板市场退市制度研究[J].北京大学学报(哲学社会科学版),2001,(6).
[50]任伟.“退市机制”的适用与完善[J].财经问题研究,2001,(7).
[51]郑远民,熊静波.关于我国上市公司退市机制的法律思考[J].法学,2001,(8).
[52]林文俏,钟伟华.建立退市机制必须解决的几个关键问题[J].经济师,2001,(7).
[53]王苓.试谈提高退市机制下的会计信息质量[J].经济问题探索,2001,(9).
[54] Phillips,A L.Stock market values and P/E ratios as predictors of New York StockExchange delisting[J].Journal of Applied Business Research,1988(Summer):56-65.
[55] Treasury H M.The Smaller quoted companies:A report by the paymastergeneral[R]. HMSO, London, 1998.
[56] Merjos,Stricken Securities[J],Barron’s,1963(3):9.
[57] J.L.O’Donnell,Case evidence of the Value of a New Stock Exchange Listing[J],Michigan State University Bussiness Topics,1969(8):15-21.
[58] Sanger G C,J D Peterson.An empirical analysis of common stock delistings[J].Journal of Financial and Quantitative Analysis,1990(June):261-272.
[59] Wu,W Y.International delistings,firm value and market integration:a case studyon the stock exchange of Singapore and Malyasia[D].Ph.D.Dissertation,George Washington University,Ann Arbor,MI:UMI Research Press,1993.
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