我国退市制度与亏损公司财务能力研究

A Study on Chinese Delisting Mechanism and Loss Companies' Financial Capability

本文以我国2001—2010年的连续亏损上市公司为研究对象,分析了这些公司连续亏损期间财务能力的持续性和差异性。研究发现:连续亏损期间,公司财务能力持续恶化,但那些最终扭亏为盈公司的财务能力较强;亏损公司均有利用非经常性损益操纵会计盈余以规避退市监管的倾向。研究证实,以亏损持续时间为标准制定退市政策具有一定的逻辑合理性,但存在容易被规避的缺陷。

This paper studied the financial capability of listed companies with continued losses in China during 2001-2010. The research results indicated that the financial position obviously got worse during the consecutive loss period. Those companies which finally made profit after two-year consecutive loss usually had higher financial capability. The loss companies tended to manipulate accounting profit through extraordinary gains or loss so as to avoid being delisted. These conclusions proved the logic rationality of the delisting system , and also disclosed its deficiency of easily being avoided.