深市退市新规实施效果与问题分析

Study on the Performance and Issues of New Delisting Rules in Shenzhen Stock Market

退市制度是资本市场的重要基础性制度,深化退市制度改革是加强资本市场基础制度建设的重要环节。2020年12月,深圳证券交易所对退市规则进行修订,进一步完善了退市标准、简化了退市流程,并专门设立了风险警示板强化风险揭示。本文通过总结2021年年报披露后深市退市公司的退市情况及共性特点,发现新规实施后退市公司数量显著增加,且营业收入扣除的执行力度不断增强;但在执行过程中也存在规则理解偏差、风险提示有效性不足、突然退市等问题。针对以上问题,建议监管部门下一步继续完善制度规则建设,同时优化监管手段效能,推动形成常态化退市机制。

The delisting system is an important basic system of capital market,deepening the reform of the delisting system is an important part to strengthen the construction of the basic system of the capital market.In December 2020,Shenzhen Stock Exchange revised the delisting rules,further improved the delisting standards,simplified the delisting process,and specially set up a risk warning board to strengthen risk disclosure.Based on the common characteristics of delisting companies after the 2021 annual report released,the paper finds that,after the implementation of the new delisting rules,the number of delisted companies has increased significantly,and the enforcement of the revenue deduction has been strengthened.However,it also shows several issues,such as the understanding deviation of the new delisting rules,insufficient risk warning,and abrupt delisting.In terms of the issues,this paper suggests regulators to further develop the system of the capital market,improve the efficiency of supervision measures,and build the normalized delisting system.