金融学院知识库

本文是将中国上市公司退市制度作为主要的研究对象，将中国退市制度的实施效果进行实证分析并比较分析中美国上市公司退市制度，从而发现中国上市公司退市制度所存在的不足，以此借鉴美国发达市场退市制度，对中国退市制度的完善提出意见。
      通过介绍中国上市公司退市制度的发展历程、退市标准、退市程序和实施效果等方面，并采用实证分析方法，基于 2012 年至 2022 年间的数据样本，分别针对 ST 股票、已退市股票、仍旧 ST 股票进行了展开分析，探讨了影响中国上市公司实施 ST（特别处理）与撤销 ST 的财务与非财务因素。通过结果分析出，上市公司被 ST 的主要原因是公司经营管理能力不足，偿债能力下降，财务弹性差，资产周转不畅，公司运营能力变差，最终导致盈利能力下降，面临财务困境。而许多公司因急于摘帽，从而通过各种非正常的手段来规避退市，财务造假，虚增利润。从本质上来看，ST 公司在摘帽后公司盈利状况并没有发生好转，大部分公司很难在短时间内恢复自身的发展状况和盈利能力，依然面临财务困境的可能。因此，现有的退市制度还未达到预期的优胜劣汰的效果。之后分析美国上市公司退市制度的概况，从而比较分析出中国上市公司存在的不足。
      结果表明，中国上市公司退市制度在各个方面相较于美国成熟的退市制度来说仍然欠缺，实施效果也表明没有起到应有的效果。根据分析的结果，提出了相应的政策措施：完善退市标准，尤其是增加市场类量化指标的参与度，简化退市流程；健全投资者保护机，保护投资者的合法权益；积极推进注册制改革，加大执行力度；完善信息披露制度，确保市场的透明度和公平性等。
      本研究旨在为中国证券市场的健康稳定发展提供参考和建议，促进其更好地服务于实体经济，通过优化退市制度，完善市场资源机制，优化市场资源配置，建立有效的退出机制，净化资本市场，提高上市公司的整体质量水平。

This paper takes the delisting system of Chinese listed companies as the main research object, and conducts an empirical analysis of the implementation effect of China's delisting system and compares the delisting system of listed companies in the United States, so as to find the shortcomings of the delisting system of Chinese listed companies, and to draw on the delisting system of developed markets in the United States and put forward suggestions for the improvement of China's delisting system. 
      By introducing the development process, delisting criteria, delisting procedures and implementation effects of the delisting system of Chinese listed companies, and using empirical analysis methods, based on the data samples from 2012 to 2022, this paper analyzes ST stocks, delisted stocks and ST stocks, and discusses the financial and non-financial factors affecting the implementation of ST (special treatment) and the revocation of ST by Chinese listed companies. Through the analysis of the results, the main reasons for the listed company being ST are the company's insufficient operation and management ability, declining solvency, poor financial flexibility, poor asset turnover, and poor operating ability, which ultimately leads to a decline in profitability and financial difficulties. Many companies are in a hurry to take off their hats, so they use various abnormal means to avoid delisting, financial fraud, and inflated profits. In essence, ST's profitability has not improved after the cap has been removed, and most companies are difficult to recover their development and profitability in a short period of time, and are still facing the possibility of financial difficulties. Therefore, the existing delisting system has not yet achieved the expected effect of survival of the fittest. Then, the general situation of the delisting system of listed companies in the United States is analyzed, so as to compare and analyze the shortcomings of Chinese listed companies. 
      The results show that the delisting system of listed companies in China is still lacking in all aspects compared with the mature delisting system in the United States, and the implementation effect also shows that it has not achieved the desired effect. According to the results of the analysis, corresponding policy measures are proposed: improve the delisting criteria, especially increase the participation of market-based quantitative indicators, and simplify the delisting process; Improve the investor protection mechanism and protect the legitimate rights and interests of investors; Actively promote the reform of the registration system and increase the implementation of the system; Improve the information disclosure system to ensure the transparency and fairness of the market. 
      This study aims to provide reference and suggestions for the healthy and stable development of China's securities market, promote it to better serve the real economy, and improve the overall quality of listed companies by optimizing the delisting system, improving the market resource mechanism, optimizing the allocation of market resources, establishing an effective exit mechanism, purifying the capital market, and improving the overall quality level of listed companies.