【作者】 刘茜；

【导师】 陈磊；

【作者基本信息】 西南财经大学 ， 会计， 2022， 硕士

【摘要】 长期以来,我国资本市场存在着退市难和上市困难的问题,针对这一困境,我国的监管机构不断进行退市制度及配套措施的改革,在通过退市制度清退劣质企业、严格把关出口的同时,也需要打通退市企业重新上市的通道,给与符合条件的退市公司重新上市的机会。2012年,我国深交所发布了《退市公司重新上市实施办法》,但是重新上市制度并没有真正付诸实践。直到2018年,第一家强制退市的央企长航油运向上交所申请重新上市,并且在2019年1月上市成功,我国的重新上市制度才开始真正践行。随后在退市制度改革下,重新上市的实践也不断丰富。2015年二重重装因为连续亏损,而后选择主动退市,历时五年其经过债务重组、重大资产重组等方式成功恢复经营能力,2020年在上交所重新上市,其进一步丰富了我国重新上市制度的实践。二重重装的案例对我国的重新上市制度起着积极的意义,因此本文选择二重重装作为研究对象,采用案例研究的方法,通过重新上市的动因及效果展开研究,并且进一步分析其通过什么路径达到上市。本文首先通过梳理重新上市相关文献,对退市公司重新上市的动因、路径、效果和重新上市制度进行了总结,然后结合相关制度和理论对企业重新上市进行了综合概述,接下来从行业背景、公司基本情况等方面对二重重装的案例进行了详细介绍,进一步通过案例分析部分,深度剖析二重重装重新上市的动因、路径及效果,并对退市企业重新上市进行了讨论。本文通过研究发现二重重装是基于行业因素、拓宽融资渠道、债权人和中小股东的推动、重新上市制度的支持以及国企改革的推动而选择重新上市,其主要通过“债务重组+资产剥离+资产重组+战略转型”的路径成功实现重新上市,但重新上市的短期市场表现并不明显,这说明投资者对重新上市还存在一定的担忧,而重新上市对其长期财务绩效有一定正向作用,但是其财务绩效和重新上市前仍存在差距,其长期绩效还需要进一步验证。最后本文在对二重重装重新上市的案例分析的基础上,为拟重新上市的企业、监管机构以及投资者分别提出来相应的启示。更多还原

【Abstract】 For a long time,China’s capital market has the problem of delisting difficulties and listing difficulties,in view of this dilemma,China’s regulatory authorities continue to carry out the reform of the delisting system and supporting measures,in the delisting system to clear inferior enterprises,strict control of exports at the same time,but also need to open up the delisting enterprises to re-list the channel,to give qualified delisting companies the opportunity to re-list.In 2012,China’s Shenzhen Stock Exchange issued the Implementation Measures for the Re-listing of Delisted Companies,but the re-listing system has not really been put into practice.It was not until 2018,when the first central enterprise,Changhang Co.,Ltd,applied to the Shanghai Stock Exchange for re-listing,and was successfully listed in January 2019,China’s re-listing system began to be truly practiced.Subsequently,under the reform of the delisting system,the practice of re-listing has also been continuously enriched.In 2015,due to continuous losses,the Erzhong Heavy chose to take the initiative to delist,which lasted five years and successfully restored its operating capacity through debt restructuring and major asset restructuring,and was re-listed on the Shanghai Stock Exchange in 2020,which further enriched the practice of China’s re-listing system.The case of the Erzhong Heavy plays a positive role in China’s re-listing system,so this paper selects it as the research object,adopts the method of case study,conducts research through the motivation and effect of re-listing,and further analyzes the path through which it reaches the market.This paper first summarizes the motivation,effect and re-listing system of the delisted company by combing the relevant literature of the re-listing,and then comprehensively summarizes the relisting of the enterprise in combination with the relevant systems and theories,and then introduces the case of the Erzhong Heavy re-listing from the aspects of industry background and the basic situation of the company,and further analyzes the motivation,path and effect of the re-listing of the delisted enterprise through the case analysis part,and discusses the re-listing of the delisted enterprise.This paper finds that Erzhong Heavy re-listing is based on industry factors,broadening financing channels,the promotion of creditors and minority shareholders,the support of the re-listing system and the promotion of the reform of state-owned enterprises,which mainly through the path of "debt restructuring +asset divestiture + asset restructuring + strategic transformation" to successfully achieve re-listing,but the short-term market performance of re-listing is not obvious,which shows that investors still have certain concerns about re-listing,and re-listing has a certain positive effect on its long-term financial performance.However,there is still a gap between its financial performance and before its re-listing,and Its longterm performance needs to be further verified.Finally,on the basis of the case analysis of the re-listing of the two-fold heavy equipment,this paper proposes corresponding enlightenment for the enterprises,regulators and investors who intend to re-list.更多还原