Research On The Delisting System Of Growth Enterprise Market

In this article, I aim at searching into systematically the legal system of delisting of growth enterprise market with viewpoint of economic law by ways of separating law, in order to seek a breakthrough in this area of law. In previous academic works, on the one hand, they come up with the solo viewpoint of commercial law and, on the other hand, they are ineluctable to plentiful contents belonging to economic law.I think that research on the system of delisting of growth enterprise market should base on present delisting system on external as well as internal main board. At the same time we go on our study in economic and law system combining the present situation of the second board.The paper consists of six chapters.In chapter 1,I firstly analyze the present condition of the second board for the last year in china according to the annual list after the researching the setting up and progress in Shenzhen Securities Bourse. Secondly, I render the key topic of the paper after the describing the delisting condition of the second board. At last I point out the ways to study which contain the induction, the demonstration and the standardization.In chapter 2, for investigating of the economic and legislation, I firstly introduce the theory of "the economic man" and "the invisible hands" of market, pointing out the ancient economists' thinking about the government' intervene. Secondly I putforward the rationality basis on the government' intervene in terms of the Keynes' theory.In chapter 3,1 expound the detailed features of the growth enterprise market as cutting points as follows: the feature about the establish mode; the feature about the bargaining mode; the venture of the market which contacts with the growth enterprise market.At the same time I set forth the importance about it. The importance point exists in the follow statements: the importance to the capital market; availing the market' motion; availing the right of the investors after explaining the growth enterprise market. It is necessary that we use the theory of government' intervene to analyze the legality of the investors.In chapter 4, introducing the delisting characteristic of NASDAQ and HONGKONG GEM, I begin to emphasis on characteristic of the abroad market as follows: the delisting standard; the delisting program; the delisting channel, combing with the other nations' condition based on the NASDAQ and HK GEM. I agree that the delisting standard should accordance with the listing standard and the number of delisting hold the key point which determine whether the company could go down; also the multilayer securities market is the direction which the GEM should go.In chapter 5, the second board also applies the same standard with the main board delisting system which embody mostly in The Securities Law, The Company Law etc. There is big difference between the main board and the second board although they apply the same standard now. the present legislations on delisting system have been far behind the need of the practice which manifest that the standard of delisting is confusing; the delisting program is simplify; the operating is flexible and who say so is mixing up.In chapter 6, this part contains the legislation designs of the delisting system of GEM in china which include the requirement of the listing company, the program of delisting, the scheme of delisting and operating in the next step. After that, we should develop energetically the capital market of multilayer, build the law liability systemto the listing company and set up the useful delisting channel.At last, I put forward that we should formulate the special law about delisting system of GEM in some time which advance the security market.