上市证券

This paper takes "the rules of deficit listed companies intermit and terminate come into the market" as its research target. The rules as the exit mechanism was issued by China Securities Regulatory Commission on Feb 22,2001. It has significant impact to our country's securities market, investors and listed companies.

本文针对中国证监会 2001 年 2 月 22 日出台的《亏损上市公司暂停上市和终止上市实施办法》，讨论了《实施办法》作为我国证券市场上的退出机制，它的实施将会对我国的证券市场、投资者以及上市公司产生的巨大的影响。

Article 32 A securities registration and settlement institution shall supervise the stocks of listed companies held by a target asset management business client and shall ensure that a client can make inquiries about the shares of stocks of listed companies held by the client through the combined use of a special-purpose securities account and other securities accounts.

第三十二条证券登记结算机构应当对定向资产管理业务客户持有上市公司股份情况进行监控，保障客户可以查询其专用证券账户和其他证券账户合并持有的上市公司股份数额。

Dispatch of new wall bulletin those who recombine a plan appear on the market the company should refer business of relevant staff of list of inside information insider and company to appear on the market of company negotiable securities check a report oneself, recombine information business to appear on the market with preventing relevant personnel to use company negotiable securities.

新快报讯有重组计划的上市公司要提交内幕信息知情人名单及公司相关人员买卖上市公司证券的自查报告，以防止相关人员利用重组信息买卖上市公司证券。

Thus, we should establish a credit risk revealment system with the base of information revealment, also securities issue system with the core of credit rating. Based on the Regulation on Credits Management, we should remedy the law related to credit system, complete the property right system of listed companies and juridical person management structure, complete securities issue and auditing system, establish a dynamic information revealment system, reinforce supervision of listed companies, establish and complete investors protection system, construct operation criterion of credit system and culture of trust with the core of credit rating in securities market.

鉴此，应该建立以信息披露为基础的资信评估信用风险揭示机制、构建以资信评估为核心的证券品种发行制度，在出台《征信管理条例》的基础上，修改与信用制度相关的法律，完善上市公司的产权制度、法人治理结构，完善证券发行、上市审核制度，建立动态的信息披露制度，加强对上市公司的监管，建立和完善投资者保护制度，建立以资信评估为核心的证券市场信用制度和诚信文化的执业标准。

More than two years ago, at CITIC Securities shares less than 10 yuan, the size of the non-lifting of the ban, some holders of the listed company CITIC Securities smart aleck, self introduction to the tens of millions of listed CITIC Securities is about to limit the sale of shares to 5 yuan About the actual prices resold to control their own investment company, which in fact was arrested but lost his watermelon seeds.

两年多前，在中信证券股份不足10万元，对大小非解禁，上市公司持有中信证券的一些聪明aleck，自我介绍的上市中信证券约数千万限制出售股份的5关于人民币的实际价格转售给控制自己的投资公司，实际上被逮捕，但失去了西瓜种子。

The same year on August 24, the China Securities Regulatory Commission, the State Council, SASAC , The Ministry of Finance, the People's Bank of China, Ministry of Commerce jointly promulgated the "listed companies on the share reform of guidance" that the relevant government departments to promote the comprehensive share reform of the determination "at all costs, to be determined to succeed"; 2005 September 4, the Securities and Futures Commission promulgated "listed companies split share structure reform management practices," the legally binding document issued for the future reform of the overall market clearly expected the process is of great significance; on September 6, Shanghai , The Shenzhen Stock Exchange Clearing Corporation and China issued a formal "of listed companies split share structure reform operational guidelines" and "listed companies split share structure reform format specification guidelines."

于8月24日在同一年，中国证券监督管理委员会，国务院，国资委，财政部，人民的中国，商务部，财政部联合颁布了关于共享"上市公司改革的指导意见"，有关政府部门促进不惜一切代价"的决心，全面股改，以确定成功"，2005年9月4日，证券及期货事务监察委员会颁布的"上市公司股权分置改革管理办法，"具有法律约束力的文件，对整体市场发出明确今后的改革进程，预计具有重要意义，发表了9月6日，上海，深圳证券交易所和中国结算公司正式上市公司股权分置改革业务"的指导方针"和"上市公司股权分置改革格式规范指引。"

The mechanism has many advantages, such as speciality, efficiency, agility, secrecy. The second chapter discusses about the arbitrability of securities disputes. Depend on classing securities disputes and researching arbitrable affairs, we put forward some suggestion about the arbitrability legislation of securities disputes. What can arbitrate is the securities disputes among stoke exchanges, public companies, stockjobbers, fund manager, and so on. It is beyond arbitrate ability. That the invading disputes happens because of false statement, controlling market, inside trade by public company, stockjobbers, and so on.

第二章论述了证券争议可仲裁事项问题，在对证券争议归类划分与可仲裁事项理论研究的基础上，提出了证券争议可仲裁事项的立法建议，即发生在证券交易所、上市公司、证券公司之间有关证券的争议，基金发起人、基金管理公司、基金托管机构之间有关基金的争议，以及上述主体与会计事务所、律师事务所、资信评估机构等中介机构之间发生的有关证券的争议，均可提交仲裁，但因上市公司、证券公司等主体的虚假陈述、操纵市场、内幕交易引起的证券侵权纠纷，不适用仲裁。

II.If, when the securities exchange decides to suspend, resume or terminate the listing, an auditing report is made by a certified accountant with explanatory notes such as unpreserved opinions, preserved opinions, negative opinions or refusal to express opinions for the accounting report (hereinafter uniformly referred to as "auditing report of unstandard and unpreserved opinions") in the regular report on which the above said decision is based, the securities exchange may organize an experts' committee to make an independent professional judgment on the major accounting treatment issues which are involved in and will affect the authenticity of profitability of the auditing report of non-standard and unpreserved opinions, and the securities exchange may make corresponding decisions on the basis of the opinions of the experts' committee.

二、证券交易所在作出暂停上市、恢复上市或终止上市决定时，如果所依据的定期报告中的财务会计报告被注册会计师出具带解释性说明段的无保留意见、保留意见、否定意见或拒绝表示意见的审计报告（以下统称&非标准无保留意见审计报告&）的，证券交易所可以组织专家委员会，对非标准无保留意见审计报告中所涉及的、影响盈利真实性的重大会计处理问题，作出独立的专业判断，证券交易所可以依据专家委员会的意见作出相应决定。

Chapter three:"The development and present situation of delisting system in our country's securities bussiness'Un this section, the necessity of establishing and consummating the delisting system is discussed and refer to some regulations of Company Law, Securities Law and the rivision process of "Measures for listing suspension and prohibition of loss-making listed company", the text analyses the changing characters of the stock market and the necessity of revision of the "Listing regulations of the stock"which is used in the Shenzheng and Shanghai securities exchange concourses and devides the development process of our delisting system into several sections with pointing out the influence to the stock market which is produced by relative regulations."

第三章为&我国证券市场退市制度的发展历程及现状&，本部分首先论述了我国建立和完善证券市场退市制度的必要性，并从我国《公司法》及《证券法》中有关退市的规定入手，通过对《亏损上市公司暂停上市和终止上市实施办法》前后几次的修订过程，分析了我国实施&退市令&前后证券市场的变化特征以及深沪两个交易所修订《股票上市规则》的必要性，将我国退市制度的发展过程分为几个阶段，列示了制度中的有关规定及对证券市场的影响。

Appreciation of the securities market is concerned, there are three main implications: the first is the impact on the performance of listed companies, the RMB appreciation will change the import and export of China's current situation, thereby affecting import and export of listed companies with high dependence on the basic face and performance, particularly in the U.S. dollar clearing of goods even more pronounced effect; second is the appreciation of the RMB exchange rate policy decisions affecting the securities market behavior, indirect effects of stock market prices; third is the impact on money supply and the stock market, appreciation could lead to speculative capital inflows or outflows.

升值对证券市场而言，主要有三个方面的影响：第一是对上市公司的业绩造成影响，人民币升值必将改变我国现有进出口状况，进而影响对进出口依存度高的上市企业的基本面及效绩，尤其是以美元结算的商品影响更为突出；第二是人民币汇率升值影响证券市场决策行为，间接影响证券市场价格；第三是对证券市场的资金供求造成影响，升值可能导致投机性资金的流入或流出。

I will endeavour to find you some assistance.

我尽力帮你找人帮忙。

At first I only know bruck is the idol of American younglings, afterwards I returned back to Taiwan ,even in Beijing last year ,I saw her poster everywhere, I was so surprised at her charm.

起初我只晓得布鲁克雷德丝是美国少男少女崇拜的偶像，后来回台湾，甚至去年在北京，居然也四处看见她的海报，才惊讶她的魅力之大。