上市公司退市制度的法律研究

发布时间：2018-06-10 09:33

本文选题：证券市场 + 上市公司　；参考：《中央民族大学》2012年硕士论文

【摘要】：上市公司退市法律制度是指规范上市公司退市的一整套法律制度,是在上市公司的股票在停止上市流通中,规范上市公司、证券监督管理机构、证券交易所等证券市场参与者之间的活动以及他们之间的相互关系,由不同效力的法律法规共同组成的制度体系。作为证券市场的重要法律,上市公司的退市制度并没有在中国的证券市场得到足够的重视。在最近四年的证券交易中,中国没有一家上市公司退市,整个市场充斥的ST股将近一百多只。退市制度严重失效使证券市场的投资风险与日剧增。一个只进不出,缺乏优胜劣汰的市场自然降低了整个市场的水平,进而对证券投资者带来更大的风险。真正的市场是一个有进有出,去其糟粕,取其精华的动态平衡市场。而我国证券市场的畸形发展必然会对整个国家的经济发展场产生巨大的阻碍作用。因此,退市制度的完善对当下的中国证券市场来说是非常重要的。在2012年温总理的政府报告中提到,完善上市公司退市制度将作为政府工作的重点。这表明了,在今后的一个阶段,退市制度将会成为《证券法》领域内的热点问题。由于证券主板市场的退市制度确立时间比较早,凸显的问题也较多,加之其对经济的影响更为重大,本文选择了对中国主板市场的退市制度进行研究。本文共有五章：第一章,是上市公司退市制度概述。主要介绍了退市制度的概念、特征和重要意义,突出了退市制度的重要性。第二章,主要介绍了海外市场的退市制度。笔者运用了比较分析法,对几个成熟的证券市场进行分析,以期找到对完善上市公司退市制度的有益借鉴。第三章,主要介绍了中国上市公司退市制度的历史演进。本部分,笔者采用了历史比较的分析方法,以史为鉴,总结出中国证券市场上成长道路上的缺陷和不足。第四章,主要介绍了最新的立法动态——深交所新近颁布的《深圳证券交易所创业板股票上市规则》(2012年修订),并自2012年5月1日起施行。虽然创业板和主板的制度不同,但二者也是一脉相承的,并且,创业板退市制度的创立也体现了我国对退市制度的最新研究成果。由对该研究成果的分析,笔者给主板退市制度的完善提供一些有益的借鉴。第五章,综合全篇的分析论述,从两个角度提出完善上市公司退市制度的几点想法。一方面是：从退市标准和程序方面,提出完善退市制度的建议；另一方是：从对退市相关主体权利义务界定角度出发,建议证券市场中相关主体应该如何行使自己的权利,履行自己的义务,进而共同完善我国的退市制度。
[Abstract]:The legal system of delisting of a listed company refers to a whole set of legal systems for standardizing the delisting of a listed company. It refers to the regulation of the listed company, the securities regulatory body and the listed company when the shares of the listed company cease to be listed in circulation. The activities and relationships between participants in the stock market, such as stock exchanges, are a system of laws and regulations with different effects. As an important law of the securities market, the delisting system of listed companies has not been paid enough attention to in China's securities market. In the last four years, none of China's listed companies have delisted, and the entire market is full of nearly 100 St shares. The serious invalidation of the delisting system makes the investment risk and day-to-day increase of the securities market. A market without survival of the fittest naturally reduces the level of the market as a whole, which in turn brings greater risk to securities investors. The real market is a dynamic equilibrium market that has come in and left its dregs and its essence. However, the abnormal development of China's securities market will inevitably hinder the economic development of the whole country. Therefore, the improvement of the delisting system is very important to the current Chinese securities market. In the 2012 government report of Premier Wen Jiabao, it is mentioned that improving the delisting system of listed companies will be the focus of the government's work. This indicates that the delisting system will become a hot issue in the field of Securities Law in the future. Because the delisting system of the main board of securities market was established earlier, the problems are also more prominent, and its impact on the economy is more significant, this paper chooses to study the delisting system of the main board market in China. There are five chapters in this paper: chapter one, Is listed company delisting system outline. This paper mainly introduces the concept, characteristics and significance of delisting system, and highlights the importance of delisting system. The second chapter mainly introduces the delisting system of overseas market. The author uses comparative analysis method to analyze several mature securities markets in order to find a useful reference for perfecting the delisting system of listed companies. The third chapter mainly introduces the historical evolution of the delisting system of Chinese listed companies. In this part, the author uses the method of historical comparison to sum up the defects and deficiencies in the growth of China's securities market. The fourth chapter mainly introduces the latest legislative development-Shenzhen Stock Exchange recently promulgated the "Shenzhen Stock Exchange gem listing rules" (revised in 2012, and effective as of May 1, 2012). Although the systems of gem and main board are different, they are also in the same vein. Moreover, the establishment of gem delisting system also reflects the latest research results of delisting system in our country. From the analysis of the research results, the author provides some useful reference for the improvement of the main board delisting system. Chapter five, synthesizing the whole analysis, puts forward some ideas to perfect the delisting system of listed companies from two angles. On the one hand, the author puts forward some suggestions on how to improve the delisting system in terms of the standards and procedures of delisting; on the other hand, from the perspective of defining the rights and obligations of the relevant subjects in delisting, the author suggests how the relevant subjects in the securities market should exercise their rights. Fulfill their own obligations, and then jointly improve China's delisting system.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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