我国证券市场退市制度的潜在问题与完善路径研究
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摘要
完善的证券市场退市制度是我国证券市场健康有序发展的基础性制度保障,也是证券市场迈向现代化的基本前提和重要特征。海外成熟市场的经验显示,构建差异化退市标准、考察证券价值、全面测定上市公司质量、渐进式退出和实施投资者保护等,是完善退市标准、退市流程和配套制度的基本路径。目前我国证券市场退市实施率低、流程缓慢,存在上市公司反复"戴帽摘帽"现象。退出渠道不畅的原因主要是:量化指标容易被规避,非量化指标存在操作弹性;退市程序中缺少市场化判断;投资者保护和损害赔偿尚缺少充分的法律制度保障。下一步,应从以下几个方面进一步改革完善我国退市制度:完善退市指标,加强重大违法行为认定;构建市场化考查机制,完善退市风险预警,提高ST"摘帽"门槛;加强监管执法力量,推进新股发行制度改革,强化投资者保护。
A well-established delisting system for securities markets provide institutional guarantee for the healthy and orderly development of China's securities markets, and it is also the foundation and key characteristics of the modernized securities markets. Delisting mechanisms in developed markets demonstrate that establishing differentiated delisting standards, considering the value of listing securities, weighing the quality of listing companies, fulfilling progressed delisting procedures, and implementing investors protection etc. composite the fundamental route to improve the delisting mechanisms, including standards, process and complimentary system. China's securities markets have witnessed low implementation rate of delisting, in terms of slow execution process and recurring special treatments on certain listed companies. Current quantitative indicators fail to prohibit circumvention while non-quantitative methods are criticized for its susceptibility to subjective manipulation. Meanwhile market-based judgment has not been materially effective, investor benefits and subsequent remedies have not been well protected from the legislative perspective. In the future, further reform and improvement to China's delisting system shall be carried out in the fields in terms of improving indicators of delisting, strengthening the identification of major violations against the relevant regulation, constructing a market-based examination mechanism, improving the early-warning mechanism of delisting risks, increasing the threshold for ST removement, enhancing supervision and enforcement, strengthening the reform of the new stock issuance system as well as leveling up investor protection.
A well-established delisting system for securities markets provide institutional guarantee for the healthy and orderly development of China's securities markets, and it is also the foundation and key characteristics of the modernized securities markets. Delisting mechanisms in developed markets demonstrate that establishing differentiated delisting standards, considering the value of listing securities, weighing the quality of listing companies, fulfilling progressed delisting procedures, and implementing investors protection etc. composite the fundamental route to improve the delisting mechanisms, including standards, process and complimentary system. China's securities markets have witnessed low implementation rate of delisting, in terms of slow execution process and recurring special treatments on certain listed companies. Current quantitative indicators fail to prohibit circumvention while non-quantitative methods are criticized for its susceptibility to subjective manipulation. Meanwhile market-based judgment has not been materially effective, investor benefits and subsequent remedies have not been well protected from the legislative perspective. In the future, further reform and improvement to China's delisting system shall be carried out in the fields in terms of improving indicators of delisting, strengthening the identification of major violations against the relevant regulation, constructing a market-based examination mechanism, improving the early-warning mechanism of delisting risks, increasing the threshold for ST removement, enhancing supervision and enforcement, strengthening the reform of the new stock issuance system as well as leveling up investor protection.
引文
1.陈杰,海外创业板退市制度分析及对我国的借鉴与启示,武汉金融,2009年第10期,24-27。
2.陈煜,美国证券市场强制退市决策权理论研究,证券市场导报,2015年第5期,10-15。
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4.郭锋等,金融发展中的证券法问题研究:以金融创新中的法律制度构建为路径,法律出版社,2010年。
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9.张学政,证券投资者保护的国际借鉴,中国金融,2014年第5期,61-62。
(1)“戴帽”指上市公司被交易所实施“退市风险警示”或“其他特别处理”,股票代码前加ST符号;而“摘帽”则是指被戴帽的上市公司撤销特别处理,股票代码前不再有ST标记。
(2)上市公司因财务或其他状况出现异常被交易所实施特别处理,股票代码前加ST或*ST符号。
2.陈煜,美国证券市场强制退市决策权理论研究,证券市场导报,2015年第5期,10-15。
3.冯科和李钊,中外退市制度比较分析,首都师范大学学报(社会科学版),2014年第5期,71-80。
4.郭锋等,金融发展中的证券法问题研究:以金融创新中的法律制度构建为路径,法律出版社,2010年。
5.蒋大兴,公司如何死亡?——公司退市监管政策的改革,法学评论,2005年第2期,116-122。
6.李自然和成思危,完善我国上市公司的退市制度,金融研究,2006年第11期,17-32。
7.王丽,美国资本市场分层状况及对我国建设多层次资本市场的启示,中国金融,2006年第6期,17-19。
8.吴晓求,退市:我国资本市场市场化的关键一步,金融信息参考,2001年第5期,4-5。
9.张学政,证券投资者保护的国际借鉴,中国金融,2014年第5期,61-62。
(1)“戴帽”指上市公司被交易所实施“退市风险警示”或“其他特别处理”,股票代码前加ST符号;而“摘帽”则是指被戴帽的上市公司撤销特别处理,股票代码前不再有ST标记。
(2)上市公司因财务或其他状况出现异常被交易所实施特别处理,股票代码前加ST或*ST符号。