Should earnings thresholds be used as delisting criteria in stock market?

被引：101

作者：

Jiang, Guohua ^{[1
]}

Wang, Hansheng ^{[2
]}

机构：

[1] Peking Univ, Guanghua Sch Management, Dept Accounting, Beijing 100871, Peoples R China

[2] Peking Univ, Guanghua Sch Management, Dept Business Stat & Econometr, Beijing 100871, Peoples R China

来源：

JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 2008年 / 27卷 / 05期

基金：

中国国家自然科学基金;

关键词：

Law and finance; Special treatment; Delisting;

D O I：

10.1016/j.jaccpubpol.2008.07.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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. (c) 2008 Elsevier Inc. All rights reserved.

引用

页码：409 / 419

页数：11

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