中国新退市制度实施政策效应的实证研究——基于财务性退市标准的证据

Empirical Study on Policy Effect of New Delisting System in China-Evidence from financial delisting standards

2014年证监会修订新退市制度,完善了上市公司退市指标体系,尤其是财务性退市标准包含净利润、净资产、营业收入和审计意见等四项指标,事实上已于2012年开始实施。以四项财务性退市标准的实施为研究对象,运用单变量分析法和逻辑回归法进行验证,发现新退市制度实施之后,净利润、净资产、营业收入和审计意见均显著改善;净资产为负数、营业收入低于1000万元以及被出具非标准审计意见的公司则有所减少;审计意见与净利润和净资产两项退市标准之间也存在显著相关性。研究结果表明,新增退市标准产生了经济后果,新退市制度具有政策效应。

The new delisting system of 2014 issued by CSRC improved the delisting standards. The financial delisting standards in- clude net profit, net asset, revenue, audit opinion and have gone into effects from 2012. This paper compares these four items between 2011 and 2012 when the policy came into force. The result of univariate analysis and logistic regression re- veals that significant improvements exist. The amount of companies with negative net asset, revenues less than 10 million RMB and non - standard audit opinion has decreased greatly. While audit opinions are related significantly with net profit and net asset. So we conclude that new delisting system results economic consequences and has policy effects.