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中国经济处于转型期,证券市场在不断寻求新的发展方式。为促进我国证券市场优胜劣汰,缓解经济改革所带来的冲击,我国推出了具备中国特色的ST制度,用意在于稳定证券市场发展、提高投资者风险警示、监督企业改善经营和全面提振经济发展。本文通过对历史文献的梳理,通过报刊、网络、炒股软件等数据的收集,利用EViews、Exce1等统计软件对ST制度的有效性进行分析;理论和实践依据证明ST制度存在的历史必然性受到质疑。在此基础上,本文创新地综合分析ST制度存在有效性与主板退市制度问题,提出政策建议,即通过减少“寻租行为”、逐步下放股票上市审批权力,强化退市数量和非数量的可操作性,以更好地提高企业经营的积极性;修订退市标准、逐步清理市场“垃圾”企业,最终取消ST板块等措施,加速与国际资本市场对接,实现证券市场发展方式的转变。
China’s economy is in a period of transition, and the stock market is constantly looking for new ways of development. In order to promote the survival of the fittest and the impact of economic reform in our stock market, China has introduced the ST system with Chinese characteristics. The intention is to stabilize the stock market, raise the risk warning of investors, supervise the improvement of business operations and comprehensively boost economic development. This article analyzes the validity of ST system through the collection of historical documents, the collection of data such as newspapers, internet and stocks software, and the use of statistical software such as EViews and Exce1. The theoretical and practical evidences prove that the historical inevitability of ST system is being questioned. On this basis, this paper creatively and comprehensively analyzed the existence of the effectiveness of the ST system and the board delisting system, put forward policy recommendations, that is, through the reduction of “rent-seeking behavior”, and gradually decentralize the power of stock examination and approval, strengthen the number of delisting and non The number of operability, in order to better improve the enthusiasm of the business; to amend delisting standards, and gradually clean up the market “garbage ” enterprises, and ultimately cancel the ST plate and other measures to speed up the docking with the international capital markets to achieve the development of the securities market Change.