日本创业板市场退市监管机制及其绩效研究——以MOTHERS市场为例  

Delisting Monitoring Mechanism of Japanese GEM Market and the Performance:A Case Study of MOTHERS Market

作　　者：邸振龙[1] 

机构地区：[1]东北师范大学经济学院,吉林长春130017

出　　处：《现代日本经济》2011年第5期24-31,共8页Contemporary Economy OF Japan

摘　　要：创业板是风险企业和创业企业融资的重要平台,其退市制度的设立和实施对该市场的发展意义重大。通过对日本MOTHERS市场退市制度进行研究,发现其具有如下特点:首先,日本采取"直接退市"制度避免了对壳资源的炒作;其次,创业板上市公司退市的相关条款中,"市场标准"多于"财务标准";再次,虽然MOTHERS目前成交金额处于低位,但MOTHERS退市制度并未就此放松。Growth and emerging market （GEM） plays an important role of financing platform for venture business. The establishment and implementation of a delisting mechanism is crucial to the development of GEM. This paper specifically studies the delisting mechanism of Japan＇s MOTHERS market and identifies three features ： 1 ） the adoption of a ＂direct exit＂ system avoids the speculation on ＂shell＂ resources ; 2） the delisting provisions include more ＂ Market Criteria＂ than ＂ Financial Criteria＂ ; and 3 ） although the trade volume of Mothers is much lower than before, MOTHERS market has seriously insisted on the delisting monitoring mechanism.

关 键 词：创业板市场 MOTHERS市场 KOSDAQ市场 退市机制 

分 类 号：F830.91[经济管理—金融学]