“吐故方能纳新”——基于退市新规的事件研究

“Exhale the Old in Order to Inhale the New”:An Event Study Based on the New Delisting Regulations

党的十九届五中全会提出要“全面实行股票发行注册制,建立常态化退市机制”,退市制度是资本市场的基础法律制度,完善的退市制度是建立良性市场生态的重要一环。本文以2020年12月31日退市新规的正式发布为研究事件,通过事件研究方法对退市新规发布后的短期市场反应进行检验。结果发现:市场对退市新规的审议通过体现了充分的关注并予以积极反应,依据公司特征进行区分后发现,经营风险和监管风险较高的公司市场反应较差,而信息环境较好、投资者保护水平较高的公司市场反应更加正向;进一步地,退市新规对于国企与非国企上市公司影响并无显著差异,投资者对创业板上市公司的市场反应相对负面;此外,较之征求意见稿,退市新规正式版发布的市场反应更为显著。结论显示,退市新规的正式颁布优化市场环境,高质量公司更加受益于资本市场改革红利,为资本市场的深化改革和促进上市公司高质量发展提供了重要启示。

Delisting system is the basic legal system of the capital market.This paper takes the official release of the new delisting regulations on December 31,2020 as the research event and tests the short-term market response after the release of the new regulations.The results find that:(i)the stock market makes significant positive response upon the official release of the new delisting regulations;and(ii)the market response to companies with lower level of operating risks,lower level of regulatory risks,better information environment and higher level of investor protection is more positive.Further analysis shows that there is no significant difference in the impact of state-owned and non-state-owned listed companies;investors have a relatively negative market response to GEM listed companies;and compared with the draft version,the market response more significantly towards the official version.The conclusion shows that the new delisting regulations optimizes the market environment,and high-quality companies benefit more from the dividend of capital market reform.