Improvement Of The Delisiting System Of China's Main-board Market

The establishment of delisting system in China is marked by implementation of the "Act of Company" in 1994;in the past 24 years,although new regulations on listed companies' delisting have been launched successively,the delisting system still can't play its due role.To fully play the role of the perfect delisting system,on the one hand,necessary external conditions are needed;on the other hand,the system itself is also required to be conforming to the reality and be practicable.In the real application,many problems such as low delisting rate and difficult to be delisted have always been unable to be properly solved;therefore,how to improve the current delisting system becomes a problem worthy of discussion.This paper first reviews the development process of China's delisting system,and analyzes the problems existing in the current delisting system by combining with the problems arising from delisting system's implementation in current practice,and points out the practical significance of improving the current delisting system;then,it analyzes the standards and procedures of delisting system of the major foreign main-board markets of securities,and combined with the actual situation of China's securities market,it puts forward suggestions for improving the delisting system of main-board market in China.In the delisting standard,China should refine the existing quantitative standard and enrich the qualitative standard;in delisting process,the order and efficiency should both be taken into account to establish a flexible board transfer mechanism,so that the listed companies can not only "have a delisting way" but also "have a way to choose";meanwhile,we should also strive to improve investor protection system and effectively execute the delisting system,and never make the delisting system become a mere scrap of paper.