【作者】 侯志英；

【导师】 梁建平；

【作者基本信息】 山西财经大学 ， 经济法， 2006， 硕士

【摘要】 自从2002年6月24日以后,中国股市便踏上了漫漫熊路。在将近四年的时间里,股指一降再降,股价一跌再跌,股指一度曾击穿千点大关。股市低迷,投资者信心指数跌入低谷。但股市扩容的步伐并没有减慢多少,截止到2005年12月30日,沪深两市的上市公司已达1378家。伦敦交易所经过190年的发展,上市公司才达到1000家,同样是1000家上市公司,纽约交易所走了160年,东京交易所走了98年,而我国股市仅仅走了十五年的时间,就使上市公司达到了将近1400家。我国股市的发展速度令世人瞠目!但是,我国上市公司中的亏损股票数量却在逐年递增。到2005年底达到141家,其中,还不包括已经退市的29家公司,仅2005年一年就新增ST股票75家。一些上市前标榜的所谓高成长、高盈利、绩优企业,上市一年甚至半年后便发出巨亏公告,在股市上演“变脸术”。例如蓝田股份、大庆联谊、红光实业、麦科特、通海高科等,这些公司在上市前通过各种造假手段疯狂造假,成功虚假发行、上市,上市后经不起市场的考验,于是虚假上市问题频频曝光,投资者的信心也被彻底打碎。本文正是通过对这些真实案例的剖析,来探究虚假上市的成因及对策,以期从制度上、立法上来遏制这种股市“毒瘤”的再度产生。本文分四部分。第一部分为虚假上市概论。本章主要对虚假上市进行界定,并分析虚假上市的危害与成因。通过对通海高科筹备其股票发行过程中的一系列造假活动的分析,归纳出虚假上市具有的三个明显特征:参与虚假上市的主体的范围相当广泛。违法主体几乎涵盖了证券市场所有参与者的类型;参与虚假上市的主体之间的关联性特别强,形成了一条完整的锁链;财务造假已经成为虚假上市公司的通用手段。通过对一些已经被查处的虚假上市公司的分析,并集合我国股票市场的发展过程,指出虚假上市的危害性主要表现在:严重扰乱证券市场秩序,影响证券市场的健康有序发展;严重打击广大公众对证券市场的信心,降低股民对政府的信任;虚假上市公司被查处后,所募集资金大多损失殆尽,经济损失惨重;严重破坏了法律的至上性和权威性。并从上市公司、券商等中介机构以及我国证券监管制度等三方面,进一步分析了造成虚假上市频发的原因。第二部分为中美防止虚假上市的立法比较,主要分析中美发行上市制度及赔偿救济制度。通过对美国和我国的股票发行、上市制度的比较,分析了两国在证券监管机构的设置、证券市场体系的构建以及证券立法等方面的优劣。第三部分为虚假上市的法律问题。这也是本文的重点内容。着重从虚假上市公司的法律责任、虚假上市公司存续以及虚假上市公司退市的法律问题三个方面来探讨。首先,从我国的立法来看,虚假上市公司的法律责任主要有:因虚假陈述引发的民事赔偿责任、刑事责任以及行政责任。特别指出,不仅对虚假上市公司欺诈发行股票罪进行惩处,还应该追究虚假上市公司在造假各环节中的刑事责任。其次,通过对虚假上市公司存续的分析,指出上市公司退市制度推出的必要性。最后指出,对中小股东利益的保护是上市公司退市时需要考虑的主要问题,需要完善我国的诉讼制度从而为中小投资者特供更为经济可行的法律救济。第四部分提出完善和发展我国证券立法的建议。通过上述各章的研究分析,提出应从以下四个方面来进行:完善股票的发行、上市制度;强化相关中介机构的法律责任;完善上市公司治理结构;完善诉讼制度。更多还原

【Abstract】 Since June 24, 2002, the China stock market was falling continuously. In nearly four years, the stock index continued to drop. In December 30, 2005, there were 1,378 listed companies in the Shanghai stock market and the Shenzhen stock market. Now, and there were nearly 1,400 listed companies in our country’s security market. The speed was extremely quick! To the end of 2005, there were 141 ST shares. In 2005, it increased 75 ST shares. Some listed companies which had owned outstanding achievement started to lose money after a year even half a year. These listed companies had crazily made false impression before they listed the security market. When the question was exposed, the investor’s confidence was also destroyed thoroughly. This article analyzes these real cases.This article is divided four parts.The first part is the introduction about false listing. This chapter mainly carries on the limits. There are three obvious characteristics. One is the main body participating in the activity is quite widespread. The illegal main body has covered nearly all of the main body which participates in the stock market. They had formed a complete catena. Making false finance information already became every company’s method. It points out that the hazardous of false listing mainly displays in: It seriously harassed the order of stock market; It seriously attacked the confidence of general public; When they were invested, their fund had been wasted off, the economic loss was extremely serious; It seriously destroyed the legal supreme and the authority. Then, it seriously harmed the securities regulatory system.The second part compares the different system of preventing false listing between the China and the America. It mainly analyzes two country’s system.The third part is about the legal issues of false listing. It also is the key content in this article. It analyzes the legal liability of the listed company, First, studies our country’s legislation. Those listed companies made the false documents, therefore, they had to undertake the civil compensative responsibility and the legal responsibility and the administrative responsibility. Specially, it points out that we not only investigate the fraud crime, but also should investigate its all the legal responsibility when it made false impression in various links. It points out that we must establish the system about that the company withdraws from the market. Finally, the article points out protecting the young shareholder benefit and consummating our lawsuit system.The fourth part proposed the legal suggestion. The author gives the proposal that perfecting the system of issuing and listing the market; Promotion the legal responsibility about the facilitating agency; Perfecting lawsuit system.更多还原