A Study on Delisting Criteria in Chinas Stock Market

摘要：

　　In Chinese stock market,firms reporting two consecutive annual losses are subject to special treatment (ST),with further losses causing the firms’ stocks to be suspended from trading or to be delisted.We argue that these earnings-based delisting requirements are misconstrued.Such policies drive financially healthy firms out of stock market,and induce listed firms to engage in rampant earnings manipulation in order to avoid delisting.The results carry important public policy implications for securities market regulation.

关键词： Law and Finance Special Treatment Delisting

作者: LI Jimin

作者单位: Postdoctoral Workstation,Bank of Beijing,Beijing 100080,China

会议类型: 国际会议

会议名称: the 5th (2013)International Conference on Financial Risk and Corporate Finance Management(第五届(2013)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 56-62

在线出版日期: 2013-06-29（万方平台首次上网日期，不代表论文的发表时间）