证券市场退市新规实施效果分析——基于2021—2022年A股上市公司退市数据  

Analysis of the Implementation Effect of the New Delisting Regulations in the Securities Market——Based on the Delisting Data of A-share Listed Companies in 2021 and 2022

作　　者：贾万聪 JIA Wan-cong(Institute of Business Economics,Henan Academy of Social Science,Zhengzhou 450018,China)

机构地区：[1]河南省社会科学院商业经济研究所,河南郑州450018

出　　处：《长春金融高等专科学校学报》2024年第1期25-32,共8页Journal of Changchun Finance College

基　　金：2023年河南省社会科学院基本科研费项目(23E49)。

摘　　要：1999年至2020年,A股共有139家公司退市,平均退市率为0.32%。这一比率远低于美国和英国等成熟资本市场约10%的退市率。建立常态化退市生态是完善中国资本市场的必经之路。2020年12月31日,沪深交易所正式发布并实施了退市新规。分析2021年和2022年A股上市公司的退市数据,发现退市新规的实施效果正在逐渐显现:退市率不断上升,常态化退市机制正在加速形成;保壳难度显著提升,壳吸引力在不断下降;强化了审计质量,加强了“守门人”作用。为保障新规更有效地实施,助力资本市场形成健康的股市生态,应建立配套法律保障,强化退市后投资者保护机制建设。同时,加强对退市公司控股股东违法违规行为的惩罚力度。此外,还要保障退市公司正常经营,扶持优良资产发展。From 1999 to 2020,a total of 139 A-share companies were delisted,with an average delisting rate of 0.32%.This ratio is much lower than the delisting rate of about 10%in mature capital markets such as the United States and the United Kingdom.Establishing a normalized delisting ecosystem is a necessary path to improve China's capital market.On December 31,2020,the Shanghai and Shenzhen Stock Exchanges officially released and implemented new delisting regulations.Analyzing the delisting data of Ashare listed companies in 2021 and 2022,it was found that the implementation effect of the new delisting regulations is gradually becoming apparent:The delisting rate is constantly increasing,and a normalized delisting mechanism is accelerating its formation;The difficulty of shell preservation has significantly increased,and the attractiveness of the shell is continuously decreasing;Enhanced audit quality and strengthened the role of gatekeepers.To ensure the more effective implementation of the new regulations and help the capital market form a healthy stock market ecosystem,supporting legal protection should be established,and the construction of investor protection mechanisms after delisting should be strengthened.At the same time,strengthen the punishment for the illegal and irregular behavior of the controlling shareholders of delisted companies.In addition,it is necessary to ensure the normal operation of delisted companies and support the development of excellent assets.

关 键 词：退市新规 退市率 资本市场 

分 类 号：F832.5[经济管理—金融学]