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退市和重组呈现翘翘板效应,这是当前我国证券市场一个引人注目的现象。这种现象之所以在退市机制形成的过程中表现得特别强烈,显然不是偶然的,而是有其内在原因的。退市和重组是否确实存在此起彼伏的逻辑关系?退市和重组是否应有各自的市场定位?对于这些问题,现在我们应该能有较为清晰的认识。资产重组动员令退市令之成为资产重组的动员令,可谓失之东隅,收之桑榆,大大推动了ST、PT公司的资产重组。不少ST、PT公司通过资产重组旧貌换新颜,尤其是PT公司的变化,更为出人意料。从2001年报来看,除了PT郑百文的盈利年报已被否决和PT金田盈亏未定之外,目前,尚没有一家PT公司预报亏损的。除去已退市的PT水仙、PT粤金曼、PT中
Delisting and reorganization have a seesaw effect. This is an eye-catching phenomenon in China’s securities market. This phenomenon has been particularly strong in the formation of the delisting mechanism. It is obviously not accidental, but has its own internal reasons. Is there a real logical relationship between delisting and reorganization? Should delisting and reorganization have their own market positioning? For these issues, we should now have a clearer understanding. The mobilization of assets reorganized the delisting order into a mobilization order for asset reorganization, which could be described as a loss and reaped a great deal, which greatly promoted the reorganization of assets of ST and PT companies. Many ST and PT companies have changed their appearances through the reorganization of assets, especially the changes in PT companies, which are even more unexpected. From the 2001 annual report, apart from PT Zheng Baiwen’s annual earnings report has been rejected and PT Jintian’s profit and loss has not been determined, at present, there is no PT company that has forecast losses. Removed PT Narcissus, PT Yuejinman, PT