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在2008年及之后,我国证券市场上因连续亏损而退市的股票数量骤减。分析可能的原因发现,2006年定期报告披露规则出现了趋于宽松的调整,增加了公司通过非经常性收益实现盈利的期间;在2008年后恶化的经济环境下,暂停上市公司经营绩效相比之前并没有变得更好,但其恢复上市的程序操作更为规范;交易所在规则执行上宽严不同,总体上趋于宽松,在一定程度上减少了连续亏损退市的股票数量。综合分析发现,亏损退市制度本身的设计是2008年以后亏损退市股票数量骤减的根本原因,而退市规则的变动、交易所执行的变化等因素共同促成了这一结果。在制度检讨上,应结合我国特殊的体制、机制和环境逐步对亏损退市制度进行完善;正视证券市场功能,减少非经常性收益在股票恢复上市中的作用。
In 2008 and beyond, the number of shares delisted in China’s securities market due to continuous losses has dropped sharply. Analyzed the possible causes, found that the regular reporting disclosure rules in 2006 appeared easing adjustment, which increased the company’s period of making profits through non-recurring gains. In the deteriorating economic environment after 2008, the performance of the listed companies was suspended Did not get better before, but its procedures for the resumption of listing more standardized operation of the rules of different widths, generally tend to be relaxed, to a certain extent, reduce the number of consecutive delisting delisted shares. The comprehensive analysis shows that the design of the system of loss delisting is itself the fundamental reason for the abrupt decline of the number of delisted shares after 2008, while the changes in the delisting rules and the implementation of exchanges have contributed to this result. In the process of institutional review, the system of deficit delisting shall be gradually perfected in light of the special system, mechanism and environment of our country; the function of the securities market should be addressed squarely and the non-recurring gains should be reduced in the resumption of the stock listing.