会计学院知识库

相比于国外发展成熟的资本市场，我国资本市场退市机制并未完全发挥有效 作用，总退市量与退市率相比成熟市场差距较大。退市指标设置不合理，流程繁 琐，“壳公司”难以及时有效清理，扭曲市场价格信号和资源配置。为提高资本 市场活力，沪深交易所 2020 年底出台退市新规，其中强制退市指标体系更多元， 退市流程更简化，为严格进行退市监管创造了条件。

在退市制度变革时点，统一股份前后两次被出具退市风险警示，使得该公司 具有强烈的盈余管理动机，对研究退市规则和盈余管理具有典型意义。本文结合 退市新规，对统一股份盈余管理的动机、手段及可能带来的经济后果进行全面分 析。对统一股份盈余管理提出具体建议，以稳定现金流为目标，提升核心竞争力， 加强内部治理体系建设，战略转型审慎决策，风险可控；在进行多角化经营中要 关注可能存在的财务风险、经营风险、文化差异风险；保障内部审计独立性，充 分发挥其监督职能与评价服务职能。

通过对统一股份盈余管理行为的深入分析，可以进一步探究退市机制如何改 变 ST 公司的盈余管理方式，以及我国 ST 公司存在的盈余管理问题和退市机制 仍需改进之处。研究*ST 公司在退市新规实施背景下，利用盈余管理手段的局 限性及合理性，在此基础上指出退市新规和会计政策在实施过程中的不足之处， 并对统一股份内部管理和资本市场外部监督提出针对性建议，以期为案例公司的 可持续发展提供新动力。

Compared with the mature capital markets abroad, the delisting echanism of China's capital market has not fully played an effective role, the delisting indicators are not reasonably set, and the delisting process is lengthy, resulting in "shell companies" not being able to get rid of in a timely manner, and there is a large gap between the number of delisted companies and the delisting rate compared with that of mature markets. In order to promote the survival of the fittest in the market, the Shanghai and Shenzhen Stock Exchanges issued a new delisting regulation at the end of 2020, which optimized the diversified mandatory delisting index system, shortened the delisting process, and created conditions for strict delisting supervision.

At the point when the new regulation was introduced, Uni-president Corporation was issued delisting risk warning twice before and after, which makes the company has a strong incentive for surplus management, and is typical for the study of delisting rules and surplus management. Combined with the new delisting rules, this paper comprehensively analyzes the motives, means and possible economic consequences of surplus management of Uni-president Corporation. Specific suggestions are made for the surplus management of Uni-president Corporation, which are to improve the profitability of the main business as the important primary goal, strengthen the construction of the internal governance system, and avoid blind transformation; to pay attention to the possible financial risks, operational risks, and cultural differences in the multi-corner operation; and to safeguard the independence of the internal audit, and to give full play to its supervisory function and evaluation service function.

Through the in-depth analysis of the surplus management behavior of Uni-president Corporation, we can further explore how the delisting mechanism changes the surplus management of ST companies, as well as the surplus management problems of China's ST companies and the delisting mechanism that still needs to be improved. Research on *ST Company's limitations and rationality in utilizing surplus management tools in the context of the implementation of the new delisting regulations, and on this basis, point out the shortcomings of the new delisting regulations and accounting policies in the process of implementation, as well as put forward targeted suggestions on the internal management of Uni-president Corporation and external supervision of the capital market, with a view to providing new impetus for the sustainable development of the case company.