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ABSTRACTThe 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 15, 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 summarizes the implications and suggestions for management and other parties. The research of the thesis will help improve the management level of similar enterprises, help the further improvement of the capital market, and help the regulatory authorities to strengthen supervision.KEY WORDS: delisting securities market case study1目 录一、绪论.............................................................................................1（一）研究背景及意义..................................................................1（二）研究内容及方法..................................................................1二、概念界定及相关理论.....................
