上市公司退出机制实施中的政府影响

The Government Influence on the Implementation of Delisting

上市公司退出机制是资本市场健康发展的重要保障。我国A股市场形成以来,尽管制度不断改善,但退出难问题始终存在且未见改善。结合我国具体国情来看,我国政府对于上市公司和股票市场具有较强干预能力,同时政府部门行为具有其先天的局限性。据此文章将政府对A股市场推出难问题的影响作为研究主题。我国A股市场对具有退市风险的上市公司股票进行了特殊处理,这为文章的研究提供了天然的样本。该文以ST公司为代表,研究并验证了政府的确推动了所辖绩差公司重组,但政府推动的重组无法给企业带来长期竞争优势,这些公司在A股市场上仍然是绩差公司,政府推动其进行重组的行为在客观上阻碍了绩差公司的退出。证明了中国股票市场退出难一定程度上来源于政府影响。

Delisting mechanism is an important guarantee for the healthy development of the capital market. Since the formation of the A-share market in China, despite the continuous improvement of the institution, delisting difficulty has always existed and has not been improved. Considering Chings specific national conditions, the Chinese government has strong intervention on listed companies and the stock market and its behavior has inherent/innate limitations. Therefore, this paper takes the government＇s impact on the delisting problem in the A-share market as the research topic. A-share market- s special treatments to the listed companies with delisting risks offer a natural sample for the study of this paper. Taking ST companies as representatives of the poor-performance companies, this paper verifies that the government indeed promotes the reorganizing and restructuring of the poor-performance companies, but the government-driven reorganizing and the restructuring cannot bring about long-term competitive advantage, and these companies are still poor-performance companies in the A-share market. The governmenfs behavior in promoting reorganization has objectively hindered the delisting of these poor-performance companies and it demonstrates that the governmental influence causes the difficulty of the Chinese stock market＇s delisting to some extent.