内容摘要
上市公司退市问题是理论界和实务界关注的热点，绝大多数面临退市
的上市公司会采用不同方式实现扭亏为盈，从而达到避免退市的目的。
少数公司甚至进行财务造假实现扭亏，这种行为严重影响了我国证券市
场的健康发展。*ST —吉恩因２０１４ ２０１７年四连亏后于２０１８年
５月１５日被终止上市，*ST 吉恩的国企背景并没有改变其退市的厄运。
论文对*ST 吉恩在饱含争议中退市的典型案例进行分析，总结对管理层等
各方的启示和建议。论文的研究有助于提高同类企业的管理水平，有助
于资本市场的进一步完善，有助于监管部门加强监管。
关键词： 退市 证券市场 案例研究
ABSTRACT
The problem of delisting of listed companies is a hot topic in the
theoretical and practical circles. The vast majority of listed companies facing
delisting will adopt different methods to achieve turnaround and profit, thus
achieving the purpose of avoiding delisting. A few companies even carried out
financial fraud to achieve losses, which seriously affected the healthy
development of China's securities market. *ST Jean was terminated on May １
５, ２０１８ due to four consecutive losses in — ２０１４ ２０１７． The
background of the *ST Jean's state—owned did not change its doom. The paper
analyzes the typical cases of *ST Jean's delisting in the controversy and
