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英语新闻网站双语:今年已有13家公司完成退市,A股优胜劣汰良性局面加速形成

作者:石嘉兴发布时间:2021-06-09 00:29英语学习 评论本文有5097个文字,大小约为18KB,预计阅读时间13分钟
英语新闻网站双语:今年已有13家公司完成退市——A股优胜劣汰良性局面加速形成新一轮退市制度的威力正在显...

英语新闻网站双语:今年已有13家公司完成退市,A股优胜劣汰良性局面加速形成

  今年已有13家公司完成退市——

  A股优胜劣汰良性局面加速形成

  新一轮退市制度的威力正在显现。6月2日,*ST北讯、*ST斯太以及天翔环境3家公司被终止上市。作为退市新规首个执行年度,今年已有13家公司完成退市。交易类强制退市和财务类强制退市增多的现象充分说明,A股市场优胜劣汰的良性局面加速形成。

  退市新规显威力

  完善的退市制度是股市的“净化器”和“稳定器”。2020年11月2日,《健全上市公司退市机制实施方案》获审议通过,沪深交易所也于2020年12月31日发布实施新修订的退市制度。

  与过去相比,退市新规设置了财务类红线、交易类红线、规范类红线、重大违法类红线,退市标准更具可执行性、包容性,退市流程大幅简化。其中,组合类财务指标替代单一财务指标,“面值退市”指标改为“1元退市”指标,取消交易类退市情形的退市整理期设置等。

  自1999年以来,A股共有80家公司被强制退市,平均每年不足4家,而同期年均IPO公司数为157家。在新股发行核准制下,“壳资源”稀缺,“保壳”动机使退市过程反复,市场出清效率低下,助长投机风气。

  退市新规实施以来,A股多元化退市渠道更加畅通,“僵尸企业”加速出清。今年以来已有13家公司完成退市,具体看,有5家公司触及财务类退市指标,7家触及面值退市指标,1家被“吸收合并”而退市。在新一轮退市制度发挥效力以及严监管形势下,A股“不死鸟”公司、“久拖不退”、花样“保壳”等退市难题正得到有效缓解。

  “新一轮退市制度落地以来,最大的亮点是强调‘1元退市’情况,市场炒壳、保壳的情况更少。”申万宏源证券首席市场专家桂浩明认为,新规出台后对业绩差、勉强维持生存的公司形成压力,未来这类公司将由市场选择来决定去留。与财务指标退市、公司经营违规行为退市相比,“1元退市”带有投资者主观判断特点。今年以来,“1元退市”公司的占比增大。从目前情况看,更多投资者从市场长期发展角度看对新退市制度日趋认可。

  中航基金首席投资官邓海清表示,新一轮退市制度极大缓解了A股市场退市难的“肠梗阻”,有利于清退劣质企业,提高上市公司质量,促进股市新陈代谢和长期健康发展。为接下来注册制的全面推行做准备,也可震慑上市公司,激励上市公司规范经营和管理,改善盈利状况。

  配套制度要跟上

  退市新规带来的变化显而易见,但“应退尽退”并不意味着“一退了之”,需要市场各方形成合力,强化对违法违规行为的立体化追责,切实保障投资者合法权益。

  中原证券首席经济学家邓淑斌表示,除了退市制度之外,目前提升资本市场资源配置效率主要体现在“资本市场体系建设”“投资者引导”两方面。既要完善多层次资本市场,又要通过注册制改革放宽准入渠道、提升上市公司质量,还要注重对于投资者的引导,减少市场非理性因素。

  邓淑斌认为,在构建多层次资本市场上,要注重“层次明晰”,对于创业板、科创板等场内市场注重企业定位、服务制度的差异化,只有形成明晰的市场定位,投资人与企业间的资金融通才更有效率。不能只关注构建“池子”,还要注重“引流”,让市场活跃起来,才能真正更好服务实体经济。还要完善股权投资机构的退出机制,切实保护投资人利益,让“池子”的流动性更充足。

  以完善的审计制度为代表的信息披露制度也很重要。在被业界称为“史上最严年报审计”的2020年年报审计过程中,被实施退市风险警示的上市公司增加约30家,审计机构功能得到较好发挥。

  粤开证券首席策略分析师陈梦洁表示,常态化退市机制落地需要资本市场中其他制度的完善与配合,还需要相应配套的法律保障。退市不是一退了之,尤其是存在财务造假等重大违法违规行为的,相应责任人应承担法律责任。

  “新证券法的发布实施、信息披露制度的规范等都是对资本市场生态系统的完善,也是对常态化退市机制的有效支持。只有真正做到市场‘有进有出、优胜劣汰’,上市公司的质量才会得到保障,投资者利益才会受到保护,才能推动金融市场繁荣发展。”川财证券首席经济学家陈雳说。

  桂浩明表示,除了面值退市之外,未来还可引入交易状况等指标退市,对流动性一直不佳、鲜有人问津的“仙股”公司形成退市压力。又如,未来可引入换手率等相对量指标来完善退市制度。

  主体责任需分清

  上市公司是实体经济的“基本盘”,完善退市制度也好,修改信息披露制度和新股发行制度也罢,根本目的是提高上市公司质量。

  上市公司的优劣交由投资者判断,而提高上市公司质量,上市公司必须承担起主体责任。深圳证券交易所理事长王建军认为,提高上市公司质量首先要求公司自身不作假,不做假账、不说假话,给投资者一个真实的上市公司;其次,不越界,守底线、负责任,做守法合规、诚实守信的上市公司;再次,重回报,管理好企业,回报好投资者,做受人尊敬的上市公司;最后,抓主业,不盲目扩张、不粗放发展,做科学治理、稳健经营的上市公司。

  遵纪守法是上市公司健康发展的最低标准之一。诺亚控股集团首席经济学家夏春认为,在注册制下,上市公司“宽进宽出”,重要的不是退市数量,不能理解为“退市公司越多越好”,更应关注的是上市公司质量。从法律制度看,上市公司自身除了遵守资本市场各项规章制度之外,还要严格遵守新证券法和刑法修正案。

  夏春认为,部分上市公司侵害中小股东利益的具体形式虽然多种多样,但大多还是反映在信息披露违规,特别是财务造假方面。2020年通过的刑法修正案,与新证券法相衔接,大幅提高了欺诈发行、信息披露造假、提供虚假证明文件和操纵市场等四类证券期货犯罪的刑事惩戒力度,强化对控股股东、实际控制人等“关键少数”的刑事责任追究,压实保荐人等中介机构的“看门人”职责等,为上市公司退市后的投资者赔偿等举措带来更多法律依据。(记者 周 琳 马春阳 钱箐旎)

原标题:A股优胜劣汰良性局面加速形成

【今年已有13家公司完成退市,A股优胜劣汰良性局面加速形成】英语翻译:

Already 13 companies finish the —— that retreat city this year

A benign situation forms superior bad discard quickly

New the might of round of system that retreat city is being shown. On June 2, *ST north dispatch, *ST this too and Tian Xiang environment 3 companies are stopped to appear on the market. As withdraw city new rule first executive year, already 13 companies are finished this year retreat city. Trade kind retreat city and finance affairs compulsively kind the appearance that cancels city increase compulsively explains adequately, the benign situation of discard of bad of superior of field of A stock market is formed quickly.

Retreat city new rule to show power

The perfect system that retreat city is the “ purifier ” of the stock market and “ stabilizer ” . On November 2, 2020, " appear on the market soundly the company retreats city mechanism to implement plan " obtain discuss through, shanghai deep bourse also carries out new castigatory to withdraw city system at was being released on December 31, 2020.

Compare with past photograph, retreated city new rule to install finance affairs kind red line, trade kind of red line, normative kind of red line, great violate kind of red line, the standard that retreat city has executable sex more, include quality, the flow that retreat city simplifies considerably. Among them, combine kind of financial index to replace onefold and financial index, “ par value retreats “1 of instead of city ” index yuan index of the ” that retreat city, cancel to trade of kind of case that retreat city retreat city to arrange period the setting.

Since 1999, a share 80 companies to be enforced to retreat city, average and annual be not worth 4, and the corresponding period year all IPO company number is 157. In new issue approve to make below, ” of “ carapace resource is rare be short of, “ protects housing ” motive to make the process that retreat city relapses, the market goes clear efficiency low, abet and congenial ethos.

Since retreating city new rule to carry out, a diversity retreats city channel more expedite, ” of “ corpse enterprise goes out clear quickly. There already were 13 companies to finish since this year retreat city, specific look, 5 companies touch financial kind of index that retreat city, 7 touch par value retreats city index, absorb amalgamative ” and 1 is retreated by “ city. Be in new effectiveness of play of round of system that retreat city and below tight superintendency situation, a company of ” of “ the secular bird, “ is long procrastinate not to retreat “ of ” , pattern to protect the difficult problem retreating city such as housing ” to getting alleviating effectively.

“ is new since be born of round of system that retreat city, the largest window is to emphasize ‘1 yuan circumstance of the ’ that retreat city, the market fries the housing, case that defends case fewer. Gui Haoming of expert of chief marketplace of negotiable securities of ” Shen Mohong source thinks, after new rule comes on stage, poor to outstanding achievement, reluctance maintains existent company to form pressure, did not come to this kind of company to will be chosen to decide stay by the market. Retreat city, company to manage with financial index violate compasses behavior to retreat city photograph to compare, “1 yuan the ” that retreat city contains investor subjective judgement characteristic. Since this year, “1 yuan of company of the ” that retreat city occupy than increasing. From eye antecedent condition looks, more investor develops angle for a long time to look to be approbated with each passing day to withdrawing city system newly from the market.

In Qing Dynasty of sea of Deng of presiding investment officer represents boat fund, new round of system that retreat city is great alleviated field of A stock market retreats ” of city's difficult “ intestinal obstruction, be helpful for clear returning inferior company, rise appear on the market company quality, metabolism of stimulative stock market and long-term health develop. What make to be registered next is comprehensive carry out prepare, also but awe appears on the market company, drive appears on the market to company standard is managed and manage, improve gain condition.

System of form a complete set wants to catch up with

Retreat the metabolic clearly that city new rule brings, but “ should retreat the ” that retreat ” and did not mean “ to be retreated, need market just forms resultant force each, what aggrandizement violates compasses act to breaking the law is stereo change chase after duty, cogent safeguard investor closes right increase.

Chief economist Deng Shubin represents Central Plains negotiable security, besides the system that retreat city, at present resource of promotion capital market configures efficiency to basically be reflected in system of “ capital market construction ”“ investor guides ” two respects. Should perfect already mutiple level capital market, should make reform relax through registering again admittance channel, promotion appears on the market company quality, pay attention to the guiding to investor even, reduce the market to be not rational element.

Deng Shubin thinks, build in compose mutiple level on capital market, should pay attention to “ administrative levels clear ” , to doing poineering work board, division achieve board the poor dissimilation that waits for the market inside field to pay attention to system of company fixed position, service, form clear market to locate only, a universal genius of capital be in harmony between investor and enterprise is more businesslike. Cannot pay close attention to compose to build “ pond ” only, pay attention to “ drainage ” even, make the market more active, talent is real economy of better service substance. Perfect what equity invests an orgnaization to exit a mechanism even, interest of cogent protection investor, the liquidity that lets “ pond ” is more sufficient.

The information exposure institution that is a delegate with perfect audit system is very principal also. In the “ that be called by industry history go up of ” of audit of the most severe annals annals audit process is medium 2020, be carried out to retreat city risk caution appear on the market the company raises about 30, audit orgnaization function gets better play.

Another name for Guangdong Province drives negotiable securities Chen Mengjie of presiding and politic analyst expresses, in normalizing be born of the mechanism that retreat city to need capital market of other institution perfect with cooperate, still need the legal safeguard of corresponding form a complete set. Retreating city was not retreated, put in finance affairs to build a holiday to wait especially great violate those who violate compasses act, agree of corresponding responsibility person carries legal responsibility.

The issuance of law of “ new negotiable security is carried out, the standard of information exposure system is pair of capital market ecosystem is perfect, also be the active support that withdraws city mechanism to normalization. Accomplish market ‘ to have truly only into have piece, ’ of superior bad discard, appear on the market the quality of the company just can get ensuring, investor interest just can be protected, ability drives money market prosperity to develop. Chief economist Chen Li says negotiable securities of ” plain money.

Gui Haoming expresses, retreat city besides par value besides, future still can introduce trade the index such as the state retreats city, to fluidity all the time not beautiful, bright somebody the “ celestial being of make inquires ” company forms the pressure that retreat city. Be like again, future can introduce the opposite capacity index such as the rate that change a hand perfect the system that retreat city.

Main body responsibility needs to distinguish

Appear on the market the “ that the company is hypostatic economy is basic dish of ” , perfect it may not be a bad idea of the system that retreat city, system of modification information exposure and new distribute a system, primary purpose is to rise appear on the market company quality.

Appear on the market the actor bad of the company is handed in judge by investor, and rise appear on the market company quality, appear on the market the company must assume a main body responsibility. Wang Jianjun of director of Shenzhen stock exchange thinks, rise appear on the market company quality asks above all company oneself not cheat, do not do false Zhang, do not say lie, to investor appear on the market truely company; Next, not cross the border, guard a bottom line, bear the blame, do abide by the law those who combine compasses, honest be as good as one's word appear on the market company; Again, weigh redound, run good company, redound good investor, do those who get person respect to appear on the market company; Finally, catch advocate course of study, not blind dilate, not extensive develops, do science processing, dovish those who manage appear on the market company.

Abide by discipline is abide by the law it is to appear on the market one of lowermost standards that firm health develops. Noah accuses a group chief economist Xia Chun thinks, in register make below, appear on the market company “ is wide into wide give ” , important is not the amount that retreat city, cannot understand to retreat city firm to jump over good ” more more for “ , what should pay close attention to more is to appear on the market company quality. Look from legal system, appear on the market company oneself besides abide by capital market besides each regulations system, abide by law of new negotiable security and criminal law amendment even strictly.

Xia Chun thinks, the part appears on the market although the particular form of small shareholder interest in company inroad is varied, but still mirror in information exposure to violate mostly compasses, especially the financial aspect that make a holiday. The criminal law amendment that adopted 2020, join with photograph of law of new negotiable security, rose to be issued false considerably, information exposure makes a holiday, offer false proof file and operate the criminal chasten strength that the futures of 4 kinds of negotiable securities such as the market commits a crime, aggrandizement controls a person a partner, actually to accusing to wait for the criminal responsibility of ” of “ crucial minority to find out, squeezing ramming protects the duty of “ gatekeeper ” of the intermediary orgnaization such as Jian person to wait, the act such as the investor compensation after to appear on the market the company retreats city brings more law basis. (Ni of Qing of money of Chun Yang of horse of reporter week beautiful jade)

Original title: A benign situation forms superior bad discard quickly

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