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新退市制度即将出台:强化刚性退市

来源: 南方日报网络版     时间: 2019年09月22日 16:21:26
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大海娱乐棋牌平台直招龙虎代理客服QQ/微信【421618535】诚招代理【在线开户网址um996.com】龙虎和龙虎1赔2.211合1赔9.95,定位胆1赔9.95腾讯分分彩,5分,10分彩,最高返水100反9快,最高赔率,正规信誉大平台平台24h提供注册及登录。新退市制度即将出台:强化刚性退市

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(个)(交)(易)(日)(。经)(过)(30个)(交)(易)(日)(的)(退)(市)(整)(理)(板)(交)(易)(后)(,退)(市)(长)(油)(在)(A股)(长)(达)(17年)(之)(久)(的)(时)(光)(终)(于)(宣)(告)(终)(结)(,周)(三)(是)(其)(最)(后)(一)(个)(交)(易)(日)(,以)(0.83元)(的)(价)(格)(收)(盘)(,当)(日)(成)(交)(9579万)(元)(。按)(照)(上)(交)(所)(的)(计)(划)(,长)(油)(将)(于)(6月)(5日)(起)(正)(式)(摘)(牌)(,并)(以)(“央)(企)(退)(市)(第)(一)(股)(”的)(身)(份)(离)(开)(A股)(主)(板)(市)(场)(。在)(退)(市)(整)(理)(期)(届)(满)(之)(日)(后)(的)(45个)(交)(易)(日)(,退)(市)(长)(油)(将)(于)(8月)(8日)(左)(右)(登)(陆)(新)(三)(板)(。根)(据)(规)(定)(,长)(油)(最)(早)(可)(在)(2016年)(向)(上)(交)(所)(提)(出)(重)(新)(上)(市)(申)(请)(。也)(就)(是)(说)(,长)(油)(能)(否)(重)(返)(A股)(市)(场)(,将)(在)(两)(年)(后)(见)(分)(晓)(。
  至)(此)(,长)(油)(成)(为)(沪)(深)(两)(市)(2012年)(新)(退)(市)(制)(度)(实)(施)(后)(第)(一)(家)(因)(财)(务)(指)(标)(不)(满)(足)(条)(件)(而)(“被)(动)(”退)(市)(的)(上)(市)(企)(业)(。
  《经)(济)(参)(考)(报)(》记)(者)(了)(解)(到)(,在)(市)(场)(的)(千)(呼)(万)(唤)(之)(后)(,包)(括)(主)(板)(、中)(小)(板)(、创)(业)(板)(在)(内)(的)(退)(市)(制)(度)(改)(革)(即)(将)(出)(台)(。相)(对)(与)(此)(前)(饱)(受)(诟)(病)(、形)(同)(虚)(设)(的)(退)(市)(制)(度)(,本)(次)(退)(市)(制)(度)(改)(革)(在)(制)(度)(设)(计)(上)(重)(在)(形)(成)(多)(元)(化)(的)(退)(市)(机)(制)(,强)(化)(刚)(性)(退)(市)(,规)(范)(主)(动)(退)(市)(。
  此)(外)(,记)(者)(初)(步)(了)(解)(到)(,新)(的)(退)(市)(制)(度)(改)(革)(的)(主)(要)(方)(向)(是)(退)(市)(制)(度)(的)(市)(场)(化)(、法)(制)(化)(和)(常)(态)(化)(。健)(全)(场)(内)(市)(场)(和)(场)(外)(市)(场)(的)(对)(接)(机)(制)(,疏)(通)(转)(板)(挂)(牌)(交)(易)(渠)(道)(,妥)(善)(安)(排)(投)(资)(者)(;强)(化)(刚)(性)(退)(市)(条)(件)(,规)(范)(和)(推)(动)(企)(业)(主)(动)(退)(市)(。
  一)(方)(面)(,此)(次)(退)(市)(制)(度)(改)(革)(设)(置)(了)(更)(多)(的)(“刚)(性)(条)(款)(”即)(强)(制)(退)(市)(条)(款)(。根)(据)(新)(“国)(九)(条)(”的)(精)(神)(,无)(论)(是)(主)(板)(、中)(小)(板)(还)(是)(创)(业)(板)(,当)(企)(业)(出)(现)(欺)(诈)(上)(市)(等)(重)(大)(违)(法)(行)(为)(时)(,将)(被)(勒)(令)(强)(制)(退)(市)(。此)(次)(出)(台)(的)(退)(市)(制)(度)(改)(革)(将)(明)(确)(“重)(大)(违)(法)(行)(为)(”的)(定)(义)(,并)(使)(之)(具)(有)(可)(执)(行)(性)(。同)(时)(,新)(退)(市)(制)(度)(还)(可)(能)(对)(在)(强)(制)(退)(市)(的)(情)(况)(下)(对)(于)(投)(资)(者)(损)(失)(的)(赔)(偿)(问)(题)(,发)(行)(人)(及)(其)(中)(介)(所)(要)(承)(担)(的)(责)(任)(予)(以)(明)(确)(。
  另)(一)(方)(面)(,此)(次)(退)(市)(制)(度)(改)(革)(将)(明)(确)(场)(内)(场)(外)(市)(场)(之)(间)(的)(互)(动)(机)(制)(。不)(同)(市)(场)(之)(间)(的)(上)(市)(企)(业)(可)(以)(在)(不)(同)(退)(市)(标)(准)(的)(约)(束)(下)(实)(现)(转)(板)(或)(退)(市)(,当)(企)(业)(不)(满)(足)(当)(前)(市)(场)(的)(上)(市)(条)(件)(时)(,将)(能)(够)(顺)(畅)(转)(到)(下)(一)(个)(层)(次)(的)(市)(场)(中)(进)(行)(交)(易)(。这)(种)(场)(内)(外)(市)(场)(之)(间)(的)(对)(接)(将)(更)(为)(顺)(畅)(。
  明)(确)(投)(资)(者)(对)(于)(企)(业)(的)(退)(市)(预)(期)(,保)(护)(投)(资)(者)(的)(利)(益)(则)(是)(此)(次)(退)(市)(制)(度)(改)(革)(的)(另)(一)(个)(重)(点)(。为)(了)(保)(护)(投)(资)(者)(的)(利)(益)(,此)(次)(退)(市)(制)(度)(改)(革)(将)(对)(发)(生)(退)(市)(风)(险)(的)(企)(业)(设)(置)(更)(为)(严)(格)(的)(信)(息)(披)(露)(要)(求)(,为)(其)(提)(供)(足)(够)(的)(缓)(冲)(期)(,充)(分)(揭)(示)(企)(业)(的)(退)(市)(风)(险)(,并)(在)(“买)(者)(自)(负)(”的)(前)(提)(下)(,让)(投)(资)(者)(充)(分)(认)(识)(到)(企)(业)(退)(市)(的)(风)(险)(。
  在)(退)(市)(的)(具)(体)(财)(务)(指)(标)(方)(面)(,此)(次)(退)(市)(制)(度)(改)(革)(则)(不)(会)(出)(现)(太)(大)(的)(变)(化)(,仍)(然)(是)(以)(营)(业)(收)(入)(、净)(利)(润)(以)(及)(流)(通)(量)(等)(一)(系)(列)(指)(标)(为)(核)(心)(。但)(是)(考)(虑)(到)(此)(前)(南)(纺)(股)(份)(连)(续)(5年)(造)(假)(未)(能)(退)(市)(的)(困)(局)(,此)(次)(退)(市)(制)(度)(改)(革)(对)(于)(企)(业)(由)(于)(追)(溯)(重)(述)(导)(致)(连)(续)(三)(年)(及)(三)(年)(以)(上)(连)(续)(亏)(损)(是)(否)(作)(为)(退)(市)(的)(条)(件)(可)(能)(会)(有)(一)(个)(明)(确)(的)(说)(法)(。
  此)(前)(公)(布)(的)(新)(“国)(九)(条)(”明)(确)(,构)(建)(符)(合)(我)(国)(实)(际)(并)(有)(利)(于)(投)(资)(者)(保)(护)(的)(退)(市)(制)(度)(,建)(立)(健)(全)(市)(场)(化)(、多)(元)(化)(退)(市)(指)(标)(体)(系)(并)(严)(格)(执)(行)(。支)(持)(上)(市)(公)(司)(根)(据)(自)(身)(发)(展)(战)(略)(,在)(确)(保)(公)(众)(投)(资)(者)(权)(益)(的)(前)(提)(下)(以)(吸)(收)(合)(并)(、股)(东)(收)(购)(、转)(板)(等)(形)(式)(实)(施)(主)(动)(退)(市)(。
  证)(监)(会)(新)(闻)(发)(言)(人)(邓)(舸)(此)(前)(表)(示)(,本)(次)(退)(市)(制)(度)(改)(革)(的)(主)(要)(目)(标)(,一)(是)(丰)(富)(退)(市)(的)(内)(涵)(,为)(依)(据)(自)(身)(发)(展)(战)(略)(、利)(益)(等)(考)(虑)(,有)(自)(主)(退)(市)(需)(求)(的)(公)(司)(提)(供)(多)(样)(化)(、可)(操)(作)(的)(路)(径)(选)(择)(;二)(是)(针)(对)(欺)(诈)(上)(市)(的)(重)(大)(违)(法)(行)(为)(,明)(确)(《证)(券)(法)(》关)(于)(重)(大)(违)(法)(暂)(停)(上)(市)(规)(定)(的)(操)(作)(性)(安)(排)(,将)(“害)(群)(之)(马)(”清)(除)(出)(场)(;三)(是)(保)(持)(退)(市)(制)(度)(的)(严)(肃)(性)(,进)(一)(步)(抑)(制)(绩)(差)(股)(炒)(作)(,增)(强)(市)(场)(的)(有)(效)(性)(;四)(是)(改)(善)(退)(市)(的)(内)(外)(部)(制)(度)(环)(境)(,维)(护)(公)(司)(稳)(定)(、投)(资)(者)(稳)(定)(、市)(场)(稳)(定)(和)(社)(会)(稳)(定)(。
  窘)(境)( 25年)(退)(市)(企)(业)(不)(足)(百)(家)(
  由)(于)(涉)(及)(上)(市)(公)(司)(、地)(方)(政)(府)(以)(及)(数)(量)(庞)(大)(的)(股)(民)(,退)(市)(制)(度)(的)(改)(革)(始)(终)(是)(A股)(制)(度)(改)(革)(中)(最)(具)(有)(挑)(战)(性)(的)(难)(题)(之)(一)(。WIND统)(计)(数)(据)(显)(示)(,自)(中)(国)(股)(市)(建)(立)(以)(来)(,共)(有)(99家)(上)(市)(公)(司)(终)(止)(上)(市)(,剔)(除)(私)(有)(化)(、吸)(收)(合)(并)(和)(转)(板)(上)(市)(的)(情)(况)(后)(,真)(正)(因)(为)(连)(续)(亏)(损)(而)(退)(市)(的)(企)(业)(仅)(有)(51家)(,相)(对)(于)(目)(前)(2621只)(上)(市)(股)(票)(总)(数)(而)(言)(,其)(占)(比)(仅)(为)(1.9%,远)(远)(低)(于)(其)(他)(成)(熟)(市)(场)(的)(水)(平)(。据)(了)(解)(,美)(国)(纳)(斯)(达)(克)(每)(年)(大)(约)(有)(8%的)(公)(司)(退)(市)(,美)(国)(纽)(约)(证)(券)(交)(易)(所)(的)(退)(市)(率)(为)(6%。2009年)(纽)(约)(交)(易)(所)(新)(上)(市)(公)(司)(94家)(,退)(市)(212家)(。
  退)(市)(难)(在)(哪)(里)(?深)(交)(所)(总)(经)(理)(宋)(丽)(萍)(表)(示)(,上)(市)(公)(司)(的)(退)(市)(,不)(仅)(涉)(及)(职)(工)(和)(债)(权)(人)(事)(项)(,也)(涉)(及)(地)(方)(政)(府)(,更)(涉)(及)(成)(千)(上)(万)(投)(资)(者)(切)(身)(利)(益)(,利)(益)(关)(系)(复)(杂)(。“A股)(的)(退)(市)(难)(,关)(键)(不)(在)(于)(退)(市)(制)(度)(,而)(在)(于)(退)(市)(对)(地)(方)(政)(府)(、大)(量)(的)(普)(通)(投)(资)(者)(的)(影)(响)(。”北)(京)(大)(学)(金)(融)(与)(证)(券)(研)(究)(中)(心)(主)(任)(曹)(凤)(岐)(对)(《经)(济)(参)(考)(报)(》记)(者)(表)(示)(,企)(业)(退)(市)(之)(后)(,投)(资)(者)(手)(中)(的)(股)(票)(变)(成)(了)(废)(纸)(一)(张)(,正)(是)(为)(了)(规)(避)(退)(市)(可)(能)(带)(来)(的)(重)(大)(影)(响)(,A股)(借)(壳)(等)(现)(象)(才)(会)(比)(较)(严)(重)(。
  就)(整)(个)(A股)(市)(场)(层)(面)(而)(言)(,上)(市)(公)(司)(退)(市)(难)(、退)(市)(少)(也)(给)(整)(个)(市)(场)(的)(定)(价)(能)(力)(和)(效)(率)(带)(来)(了)(严)(重)(影)(响)(。众)(多)(投)(资)(者)(对)(上)(市)(公)(司)(退)(市)(风)(险)(无)(动)(于)(衷)(,对)(一)(些)(业)(绩)(表)(现)(差)(甚)(至)(存)(在)(严)(重)(违)(法)(违)(规)(行)(为)(的)(上)(市)(公)(司)(反)(而)(“青)(睐)(有)(加)(”,甚)(至)(在)(上)(市)(公)(司)(濒)(临)(退)(市)(的)(时)(候)(也)(敢)(于)(豪)(赌)(其)(重)(组)(可)(能)(带)(来)(的)(巨)(大)(收)(益)(,而)(一)(些)(业)(绩)(表)(现)(优)(秀)(的)(蓝)(筹)(类)(上)(市)(公)(司)(却)(无)(人)(问)(津)(,交)(投)(极)(为)(清)(淡)(。在)(业)(内)(人)(士)(看)(来)(,A股)(市)(场)(的)(造)(假)(成)(本)(低)(廉)(、垃)(圾)(股)(难)(以)(退)(市)(,本)(质)(上)(形)(成)(了)(投)(资)(者)(对)(此)(类)(股)(票)(继)(续)(在)(场)(内)(留)(存)(交)(易)(的)(刚)(性)(预)(期)(,对)(垃)(圾)(股)(的)(风)(险)(视)(而)(不)(见)(,扭)(曲)(了)(整)(个)(市)(场)(的)(估)(值)(体)(系)(和)(定)(价)(功)(能)(。
  《经)(济)(参)(考)(报)(》记)(者)(注)(意)(到)(,即)(使)(是)(退)(市)(长)(油)(,在)(其)(退)(市)(整)(理)(期)(间)(,仍)(然)(有)(大)(量)(的)(投)(资)(者)(对)(其)(趋)(之)(若)(鹜)(。5月)(16日)(到)(6月)(4日)(的)(13个)(交)(易)(日)(中)(,退)(市)(长)(油)(的)(股)(价)(仍)(然)(逆)(势)(上)(涨)(,涨)(幅)(高)(达)(16.90%。部)(分)(投)(资)(者)(在)(股)(吧)(上)(表)(示)(,退)(市)(长)(油)(值)(得)(一)(搏)(,目)(前)(正)(是)(介)(入)(机)(会)(,更)(有)(人)(认)(为)(长)(油)(即)(便)(退)(市)(了)(日)(后)(也)(有)(重)(新)(上)(市)(的)(机)(会)(。
  湘)(财)(证)(券)(首)(席)(投)(资)(顾)(问)(徐)(广)(福)(认)(为)(,退)(市)(长)(油)(的)(走)(势)(显)(著)(反)(映)(了)(市)(场)(各)(参)(与)(主)(体)(的)(特)(征)(,多)(年)(以)(后)(也)(许)(会)(成)(为)(一)(个)(证)(券)(市)(场)(上)(的)(经)(典)(案)(例)(。近)(期)(该)(股)(的)(强)(势)(表)(现)(,表)(明)(各)(路)(资)(金)(的)(赌)(性)(爆)(发)(。
  前)(景)( 有)(望)(重)(塑)(A股)(价)(值)(体)(系)(
  在)(业)(内)(人)(士)(看)(来)(,作)(为)(为)(注)(册)(制)(推)(行)(进)(行)(铺)(垫)(的)(退)(市)(制)(度)(改)(革)(,在)(真)(正)(有)(效)(实)(行)(之)(后)(,将)(给)(A股)(市)(场)(带)(来)(深)(刻)(的)(变)(化)(。
  WIND统)(计)(数)(据)(显)(示)(,截)(至)(目)(前)(,沪)(深)(两)(市)(的)(风)(险)(警)(示)(股)(票)((ST、*ST类)(股)(票)()共)(有)(54只)(。从)(最)(近)(一)(期)(财)(务)(报)(表)(的)(数)(据)(来)(看)((2014年)(第)(一)(季)(度)(),上)(述)(54家)(企)(业)(中)(,仍)(然)(有)(36家)(今)(年)(一)(季)(度)(出)(现)(了)(亏)(损)(。其)(中)(,*ST仪)(化)(、*ST二)(重)(、*ST新)(材)(等)(数)(家)(企)(业)(的)(单)(季)(度)(亏)(损)(金)(额)(都)(在)(一)(亿)(元)(以)(上)(。业)(内)(人)(士)(分)(析)(,一)(旦)(未)(来)(退)(市)(真)(正)(的)(实)(现)(常)(态)(化)(,这)(些)(企)(业)(有)(可)(能)(迅)(速)(面)(临)(被)(市)(场)(和)(被)(投)(资)(者)(抛)(弃)(的)(风)(险)(。
  英)(大)(证)(券)(研)(究)(所)(所)(长)(李)(大)(霄)(表)(示)(,从)(过)(去)(看)(,真)(正)(退)(市)(的)(公)(司)(不)(多)(,但)(随)(着)(新)(退)(市)(制)(度)(的)(推)(进)(,今)(后)(退)(市)(将)(成)(常)(态)(化)(。此)(外)(,注)(册)(制)(的)(导)(入)(,壳)(资)(源)(价)(格)(下)(降)(,以)(后)(炒)(作)(垃)(圾)(股)(、题)(材)(股)(的)(风)(险)(会)(大)(大)(增)(加)(。
  在)(更)(深)(层)(次)(的)(意)(义)(上)(,退)(市)(的)(常)(态)(化)(除)(了)(会)(给)(投)(资)(者)(带)(来)(投)(资)(理)(念)(的)(变)(化)(外)(,还)(有)(望)(使)(得)(A股)(的)(估)(值)(体)(系)(、定)(价)(功)(能)(得)(到)(彻)(底)(重)(塑)(。
  武)(汉)(科)(技)(大)(学)(金)(融)(证)(券)(研)(究)(所)(所)(长)(董)(登)(新)(对)(《经)(济)(参)(考)(报)(》记)(者)(表)(示)(,长)(期)(以)(来)(,A股)(主)(板)(的)(退)(市)(制)(度)(形)(同)(虚)(设)(,而)(正)(是)(由)(于)(没)(有)(淘)(汰)(机)(制)(,为)(投)(机)(提)(供)(了)(温)(床)(,使)(得)(包)(括)(机)(构)(和)(散)(户)(在)(内)(的)(市)(场)(参)(与)(者)(无)(所)(顾)(忌)(地)(对)(垃)(圾)(股)(、绩)(差)(股)(进)(行)(炒)(作)(。他)(认)(为)(,全)(新)(的)(退)(市)(制)(度)(将)(颠)(覆)(投)(资)(者)(的)(传)(统)(观)(念)(与)(陈)(旧)(思)(维)(,这)(种)(观)(念)(的)(革)(命)(必)(将)(恢)(复)(股)(市)(估)(值)(理)(性)(,还)(原)(股)(价)(信)(号)(,并)(将)(重)(新)(激)(活)(股)(市)(优)(胜)(劣)(汰)(、资)(源)(配)(置)(功)(能)(。
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