上市公司退市监督数据2000-2024年

Core Viewpoint - The article discusses the significant reforms introduced by the China Securities Regulatory Commission (CSRC) in 2012, known as the "Delisting New Regulations," which enhanced the delisting standards, procedures, and regulatory intensity for listed companies in China [1]. Group 1: Policy Changes - The new delisting standards include criteria such as negative net assets, operating income below 10 million yuan, and adverse audit opinions, marking a qualitative leap in delisting regulations [1]. - The reforms eliminated the delisting risk warning phase for the Growth Enterprise Market (GEM) and unified delisting rules across the three major boards, making the delisting supervision stricter, more transparent, and predictable [1]. Group 2: Research Methodology - The study utilizes a comprehensive dataset of financial statements and audit opinions, spanning 25 years (2000-2024), which supports fixed effects models and ensures the applicability of the difference-in-differences model due to clear policy timing [2]. - The dataset allows for direct examination of the impact of the delisting new regulations on key variables such as stock price crash risk, information transparency, and company performance, while also exploring the mechanisms and heterogeneity of policy effects [2]. Group 3: Risk Indicators - Six delisting risk indicators were constructed: BreakEquity (negative net assets), BreakSale (insufficient operating income), BreakProfit (two consecutive years of losses), BreakAudit (adverse audit opinions), BreakNew (triggering new delisting regulations), and BreakAll (triggering any delisting regulations) [1][4]. - Additional variables include a time dummy variable to differentiate between periods before and after the policy implementation, along with interaction terms for each risk indicator with the time variable to facilitate causal inference [1][4].