CAJ | 학술논문

本文以2012年4月20日深圳证券交易所颁布的《创业板股票上市规则》为背景（以下简称（《规则》），考察了创业板退市制度新规的市场反应。实证结果表明，《规则》颁布期间资本市场收益呈现“先升后降”趋势，显示投资者对于创业板退市制度呈现了“期待一失望”的反应过程。通过计算《规则》颁布期间的累计超常收益，发现资本市场出现显著负向的市场反应，投资者对完善新规后的创业板退市制度能保护自己的权益持否定态度。进一步地，依据上市公司绩效进行分组，研究发现，绩效好的上市公司的累积超常收益明显高于绩效差的上市公司，说明投资者认可完善后的创业板退市制度的优胜劣汰功能。
본문이2012년4월20일심수증권교역소반포적《창업판고표상시규칙》위배경（이하간칭（《규칙》），고찰료창업판퇴시제도신규적시장반응。실증결과표명，《규칙》반포기간자본시장수익정현“선승후강”추세，현시투자자대우창업판퇴시제도정현료“기대일실망”적반응과정。통과계산《규칙》반포기간적루계초상수익，발현자본시장출현현저부향적시장반응，투자자대완선신규후적창업판퇴시제도능보호자기적권익지부정태도。진일보지，의거상시공사적효진행분조，연구발현，적효호적상시공사적루적초상수익명현고우적효차적상시공사，설명투자자인가완선후적창업판퇴시제도적우성렬태공능。
This paper examines the reaction of capital market on the delisting rules of GEM on the basis of ＂Stock Listing Rules of GEM＂（hereinafter referred to as ＂the Rules＂） which was issued by Shenzhen Stock Exchange on April 20, 2012. The empirical result shows that capital market return has an ＂increase and then decrease＂ trend during the announcement of the Rules, which means the investor experienced an ＂expected-disappointed＂ reaction process. By calculating the Cumulative Abnormal Return（CAR）during the promulgate of the Rules, we find that the capital market has a significant negative reaction, and investors denied GEM delisting system can protect their rights. Furthermore, divided listed companies by performance, the finding shows that the CAR of listed company with high performance is apparently higher than those with low performance, which means investors accepted the function of GEM delisting system in selecting the superior and eliminating the inferior.