Delisting Mechanism Of China’s Listed Companies

The securities market is the product of the development of the market economy. It plays an important role in optimizing the allocation of resources, promoting economic development and improving the national income and so on. Listed company is an important part of the stock market. The quality of the listed companies is an important factor to decide the stock market healthy development or not. Due to the role of ensuring quality of listed companies, the delisting system is particularly important in the construction of the system in the securities market. Compared with foreign mature capital market, the stock market in our country that founded in1991has developed more than20years, and its development time is short, and its system is not sound, and its construction of the listing system is incomplete. The stock market that filled with lots of garbage and poor performance shares seriously affects the development of the securities market, harms the interests of investors and causes the extreme waste of resources. In view of the situation, the Shanghai stock exchange and the Shenzhen stock exchange released 《On the improve the Shanghai stock exchange listed company delisting system plan》 and 《the Shenzhen stock exchange stock listing rules(revised in2012)》 in2012to reform the delisting system.The paper is divided into six chapters. In the first chapter, the paper introduces the background that includes the research background, the research significance, thesis idea, structure and method. It introduces simply the domestic and foreign literature review about delisting in the second chapter. It also introduce the delisting mechanism, including the analysis of the elements of delisting mechanism, the developing course of delisting mechanism in our country and the meaning of perfecting the delisting mechanism. In the third chapter, the paper introduces the delisting system in America, Japan, Hong Kong, and the mainland China and finds the disadvantages by comparing, and this is the innovative points of the paper. In the forth chapter, the paper analysis it by the case analysis of*ST Jintai and it shows that the system existing problems in our country. The paper provides policy recommendations to perfect the delisting mechanism in our country, and provide thinking for the listed companies and investors. It points out that the stock exchanges should strengthen enforcement and the listed companies should adjust state of mind to deal with delisting rules and the investors. The policy suggestion is the article expected contribution.The improvement of the delisting system is not achieved overnight and it needs continuous improvement and innovation, at the same time of using the experience of foreign mature capital market, also should fully consider peculiar national conditions of our country, and seek the delisting system that is the most complete and most suitable to our country on the base of balancing the two parts. It has important significance to perfect the stock system to promote the healthy development of securities market and China’s economy, and it becomes an important subject in the development of our country.However, due to the limitations of the author, the paper also has many deficiencies. The new rules of delisting have just been released, so there are no examples for the delisting of companies.*ST Jintai is chosen as the case may be unrepresentative. In addition, the comparison of of listed companies delisting mechanism is obvious and less of deeper analysis. This imperfection must be completed in the study in the future.