| Since the stock market fluctuated dramatically in 2015,CSRC hoped the capital market to restore the function of financing,so CSRC improved the efficiency of IPO and reduced the time and cost of corporate initial public offering of shares.According to the statistics,in 2015,231 enterprises completed initial public offerings.In 2016,269 companies completed IPO.In 2017,376 companies completed IPO.With the acceleration of IPO,there will be more and more companies pouring into the A-share market.While the stock market is expanding rapidly,there are few companies going out of the A-share market.According to statistics,since the company named “ST Shui Xian” were forced to leave the A-share market in 2001,about 90 companies exited from the A-share market which had over 3000 listed companies.The number of quitters is negligible.The delisting system of listed companies in China has developed for 30 years.During the time,more attention was paid on involuntary delisting,whereas voluntary delisting system was ignored.In recent years,voices for improving the voluntary delisting system has been running high.However,in the Developed countries' capital markets,the listed companies have rights to choose opt-out,and it is a common phenomenon.What's more,the ratio of voluntary delisting is higher than the ratio of involuntary delisting.There are some "special phenomenon" in our markets,forexample,the share price of listed companies had been gussied-up by “ST”;listed companies had a great deficit,but it could stay in the market.To some extent,those phenomena reflect that the delisting system plays an unsubstantial role in the market.The delisting system is ignored,which leads to "only enter but no exit" in China's securities market,which will inevitably affect the development of the market.This paper focuses on the present situation and deficiencies of the delisting system,and tries to discuss how to improve the delisting system.In this paper,author chooses two aspects(delisting standard and procedure)as the points of penetration to analyze the delisting system.Chapter one introduces the current situation of the delisting system.Firstly,through cases,we find that there some problems in the listed company delisting system of Chinese securities market;secondly,by introducing the history of delisting system and reviewing the history,we find that there is administrative interference and local protectionism;Finally,introducing the regulations of the delisting system.Chapter two analyzes the difficulties of delisting system.Combined with the data statistics of delisted company,this paper finds problems of the delisting system in the actual implementation.Then,according to the relevant provisions about the listing rules of Shanghai Stock Exchange,analyzing the roots of problems.For example,business standard can not reflect the corporation management,the definition of fraudulent issuance or serious violation of law is not clear,involuntary delisting procedure is complicated,voluntary delisting procedure is strict,and the procedure of returning to market is short of supervision.The third chapter introduces the delisting system of famous foreign exchanges including New York Stock Exchange and Tokyo Stock Exchange.Compared with our delisting standard and delisting procedure,the author deems that foreign delisting system have the following characteristics: delisting procedure of the New York Stock Exchange gives consideration to both efficiency and fairness;delisting standard of the Tokyo Stock Exchange is unambiguous.The final chapter makes suggestions on improving the delisting standard anddelisting procedure.First of all,analyzing <Several Opinions on Reforming,Improving and Strictly Implementing the Delisting System for Listed Companies>and <Requesting Public Comments on Implementing the Delisting System for Unlawful Acts of Listed Companies>,which make great progress,while still have some problems.Based in these,the author makes some reasonable suggestions on the delisting standard and delisting procedure. |
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