上市公司“退市难”的利益动机

Motives of Low-quality Firms'Detention in China A-share Market

本文分析了我国A股市场上市公司“退市难”现象的微观利益因素。我们发现,“退市难”表面上是退市制度缺陷导致的,实质却是企业、利益相关人、市场组织者和监管机构等市场各方利益诉求的客观反映。在股票市场现有退市安排下,上市公司避免退市符合各方面的利益。因此推进退市制度改革,必须优先考虑安排退市企业在多层次股市中进行更加合理的梯度退市或者转板,尽量减少相关各方的利益损失,以争取其对改革的支持。

Some low-quality listing firms don't want to quit from China A-share Market.They even try to avoid involuntary delisting.I analyze interest motives behind such phenomenon.I find that it's not only because of shortcomings of delisting regime,but also requirements of stakeholders,such as controlling shareholders,public shareholders,management,exchanges and regulators.To minimize their lost,we have to make appropriate share trading arrangement for delisted firms before driving them out of A-share market.It's hard to achieve the delisting regime reform without stakeholders'support.