Study On The Delisting Legal System Of Listed Companies In China

The delisting legal system of listed companies is the basic system of the securities market,and it does help to not only optimize the resource allocation of the securities market,realize the rapid development of the capital market,but also supervise the listed companies to improve the governance structure and improve the overall quality of the listed companies and it can also protect the interests of investors,especially small and medium ones.China's delisting legal system was established in 1994,though it has experienced a number of reforms and improvements,compared to foreign mature delisting system there is a big gap between them.Our delisting standards,procedures and related supporting system are not very sound,there are still many things to do.In 2014,China Securities Regulatory Commission issued "A Number of Opinions on The Reform,Perfect and Strictly Implementation of The Delisting System of Listed Companies.".It is proposed that the delisting system reform should be carried out according to the principle of "marketization,rule of law and normalization",and the system should be strictly implemented by the principle of "one company appears,one company delist".The Shenzhen Stock Exchange and Shanghai Stock Exchange also revise the"Listing Rules" according to the spirit of“Securities Law" and "Delisting Advice",so our listed companies delisting system is undergoing a continuous improvement stage.The study of delisting system has always been a hot issue in the securities market and s of great concern to the scholars.Studying on this issue has both theoretical and practical significance.This essay is divided into six chapters.The first part is introduction.This paper expounds the research background and significance of this paper,the related literature review and the main research methods,and the paper's structure.The second chapter summarizes the basic theory of delisting.This chapter expounds the meaning,characteristics and the classification of delisting,and also talks about the role of the delisting system.And emphatically expounds the delisting system's impact on optimizing the resource allocation of the securities market,improving the overall quality of listed companies and protecting investors.The third chapter introduces our delisting system from the development angle.The development process of delisting system is divided into preliminary establishment stage,transition stage,officially launched phase,and constantly improving stage.And this chapter especially expounds the breakthrough of the above four stages,and then introduces the present delisting standards,delisting procedures and related supporting systems.And then puts forward the present situation that the listed companies unwilling to delist and the interests of the investors are seriously damaged.The forth chapter analyzes the existing problems of delisting system of listed companies in China.Firstly,in terms of stock exchange's function,as a result of the delisting legal legislative path and the CSRC,the governments' intervention,the functions of China's stock exchanges are not perfect at present,and the initiative cannot be fully exploited.Secondly,in terms of delisting standard,the current delisting standard of our country has the problems of easy to avoid,and the plurality and flexibility are poor.Thirdly,in terms of delisting procedures,the delisting procedures in our country at present are kind of complexed and the operability is poor.What's more,the implementation of the*ST procedure is not good,conflicting with the legislative purpose.And from the thought of integrity of the program,our delisting system lacks relief program for the listed companies.Fourthly,the current system of delisting in China is deficient in the protection of small and medium-sized investors,lacks special laws and regulations and necessary remedies for them.Fifthly,the current listing of listed companies does not have a smooth outing channel,and lacks of a sound multi-level capital market system and transfer mechanism.Chapter 5 is comparative analysis of extraterritorial mature delisting system.This essay chose the world's four biggest exchanges' representative:the New York stock exchange,the Tokyo stock exchange's main board delisting system and the delisting system of Hong Kong to introduce.And through the introduction of the mature delisting systems' standards and procedures,this chapter summaries the features of them.They are as follows:giving full play to the functions of stock exchanges,using flexible delisting standards with outstanding market characteristics.Compared with our country,we should learn much from them.The sixth chapter is the opinions to perfect the delisting system of China's main board listed company.Firstly,in terms of perfecting the stock exchange,this essay supposes that we adopt the legal route that the "Securities Law" authorizes the exchanges to set specific delisting rules such as delisting standards.And we should also make an effort to speed up the work of de-administration of delisting,to give full play to the functions of the stock exchange.Secondly,it is recommended to increase the market withdrawal standard and establish a diversified withdrawal standard to realize the orderly exit of the various listed companies to improve the standard system of delisting.Thirdly,it is recommended to refine the process of delisting,strengthen the supervision of*ST produce,and improve review produce to perfect our delisting systems.Fourthly,it is recommended to establish the delisting insurance system,the investor protection fund system and the lawsuit system of the shareholders group to perfect the system of protecting the inventors.Fifthly,it is suggested to construct a multi-level capital market system and flexible rotary board system to improve the exit channel of our country.