会计学院知识库

  资本市场发展较早的美国资本市场，其退市制度相对健全，被强制退市的企业约占退市公司的一半，每一年退市公司数量与首次公开募股的企业数量基本相同，这对于其资本市场有序发展创造了稳定的制度环境。由于我国的退市指标设置不够合理，退市流程较复杂，所以导致较多达到退市条件的公司无法退市，退市率和退市数量也较发达国家资本市场的对应数值低。鉴于此，我国对注册制的实施进行了广泛深入的改革，促使退市机制常态化，让各类企业优胜劣汰成为常态。2020年12月沪深两市修改了退市相关规则，对退市指标和退市流程进行了优化和调整，但是仍然存在一些漏洞可能会为企业留有盈余管理的空间。

  本文选取经历了2020年退市制度改革的*ST群兴作为案例。*ST群兴自2016年完成控股股东变更后不断调整主营业务，但是整体利润较低，公司在2020年陷入退市困境。通过对*ST群兴的案例分析，本文得出以下结论：第一，上市公司的退市机制改变了ST公司的利润管理方式。第二，从长远来看，我国ST公司存在着严重的盈余管理问题，这对ST公司的长远发展不利。第三，我国的退市机制还不够健全，还需要进一步地改进。最后本文提出了以下建议：ST企业应将提高主营业务的盈利能力作为首要目标，加强内部治理体系建设，避免盲目转型；监管部门应当完善相关会计政策及法律法规，对退市制度进行优化，加强监管，加大处罚力度；对于中小投资者应该理性投资，对ST企业增加应有的关注，外部审计机构也应及时关注ST企业的各类异常行为，准确识别公司的盈余管理行为。

    For the US capital market, which developed earlier in the capital market, its delisting system is relatively sound, with about 50% of delisted companies being forced to delist. Each year, the number of delisted companies is basically the same as the number of initial public offerings, which creates a stable institutional environment for the orderly development of its capital market. Due to the unreasonable setting of delisting indicators and the complex delisting process in China, many companies that meet the delisting conditions cannot be delisted, and the delisting rate and number are also lower than the corresponding values in developed countries' capital markets. In view of this, China has carried out extensive and in-depth reforms in the implementation of the registration system, promoting the normalization of the delisting mechanism, and making the survival of the fittest of various enterprises a norm. In December 2020, the Shanghai and Shenzhen Stock Exchanges revised relevant delisting rules, optimized and adjusted delisting indicators and procedures, but there are still some loopholes that may leave room for earnings management for enterprises.

    This article selects * ST Qunxing, which underwent the delisting system reform in 2020, as a case study* ST Qunxing has continuously adjusted its main business since completing the change of controlling shareholder in 2016, but overall profits are low, and the company fell into delisting difficulties in 2020. Through the case analysis of * ST Qunxing, this article draws the following conclusions: firstly, the delisting mechanism of listed companies has changed the profit management methods of ST companies. Secondly, in the long run, ST companies in China face serious earnings management issues, which are detrimental to their long-term development. Thirdly, China's delisting mechanism is not yet sound enough and needs further improvement. Finally, this article proposes the following suggestions: ST enterprises should prioritize improving the profitability of their main business, strengthen the construction of their internal governance system, and avoid blind transformation; Regulatory authorities should improve relevant accounting policies and laws and regulations, optimize the delisting system, strengthen supervision, and increase penalties; Small and medium-sized investors should invest rationally and pay more attention to ST enterprises. External audit institutions should also pay timely attention to various abnormal behaviors of ST enterprises and accurately identify the company's earnings management behavior.management behaviors of companies.