Research Of The Withdraw Law System Of Listed Company

With the legality and standardization of Chinese stock market, the withdraw law system of listed company is increasingly being attached important to. The withdraw law system is necessary for the development of the securities market, especially, in consideration of the optimum resource allocation function of market; it is also the requirement of the principle of"survival of the fittest"in the market; furthermore, The withdraw law system will exert pressure on the listed companies to help bettering the corporate governance, in turn, to improve the quality of listed companies as a whole.In April, 2001, Shanghai Stock Exchange formally declared the PT Daffodil's exit from the stock market. It is the first company ever exiting from the security market. Which marks the formal start-up of exit mechanism of listed companies in our country. It is necessary for a maturing security market to set up an exit mechanism of listed companies. However, current legislation on exit of the listed companies of our country is not optimistic. The thesis mainly discusses and researches a series of withdraw law system of listed company.Besides the foreword and epilogue, the article consists of four main parts:In part one, the author mainly introduces the fundamental theory of the withdraw law system of listed company. The author holds that withdraw law system of listed company basically has two great values: Order and Efficiency. The author also relates the important of better legislation on exit of the listed companies.Part Two researches the withdraw law system of listed company in developed countries and districts including America, Japan and Hong Kong district in China and gets many benefic remarks building our own stock market. As a result, we found that improvement of a developed stock market must emphasis on the withdraw law system of listed company in order to make it play an essence role in stock market, at the same time, we must pay attention to the legal related issues of the withdraw law system.Part three analyzes the present situation of the withdraw law system of listed company. Through the observation of historical development to withdraw law system of listed company in china, we can answer the question why individual case of withdraw of listed company had not been for a long time in china. And we can point out the basic barriers of withdraw of listed company at last.Part four brings forward the imagination for the withdraw law system of listed company. We give a lot of advices to prop improvement of the withdraw law system of listed company and its responding accessorily measures. The writer analyzes the amelioration of the withdraw law system of listed company by using the ways of comparative analysis, economic analysis and integration theory with practice from the angle of law in order to amplify the withdraw law system of listed company.