Case Study On *ST Kunming Machine Company Delisted

The delisting of listed companies is closely related to the development of China's securities industry,and the normal operation of the market is often affected by the delisting of listed companies from time to time,which is caused by the lack of reasonable system and industry norms in this respect.Among them,listed companies are called as non-active delisting when they are required to withdraw from the market by the stock exchange in accordance with regulations because they are lower than the listing standard due to the imbalance of income and expenditure or other reasons.This paper takes *ST Kunming Machine Company as the research object,aiming to analyze the internal reasons of *ST Kunming Machine Company delisting.This thesis is composed of five chapters,namely: Chapter one introduces the literature review on delisting of listed companies at home and abroad.The second chapter is the theoretical analysis of the delisting of listed companies,and expounds the relevant concepts of delisting,active delisting,inactive delisting and delisting system of listed companies,which lays a certain theoretical foundation for the study of the non-active delisting system of listed companies.The third chapter is the case analysis of *ST Kunming Machine Company delisting.In the case analysis,the situation of Kunming Machinery Company enterprise and its listing status are firstly briefly summarized,and then the delisting process of Kunming Machinery Company is analyzed.Then analyze the original factors leading to Kunming Machinery Company delisting from the five aspects of company strategy,internal governance,operation,research and development and incentive.The fourth chapter puts forward the Suggestions to improve the management of Kunming Machinery Company.Chapter five summarizes and reveals: through research,this paper thinks that if listed companies want to avoid hitting the red line of delisting,they should start from the following aspects: Attach importance to management and establish sound financial system;Clear corporate strategic planning;Strengthen corporate governance,determine the key role of management,improve enterprise internal control system;Establish a sound financial system to avoid financial risks;Develop risk awareness,identify and evaluate risks;Optimize performance management and implement reward and punishment mechanism.This paper analyzes the internal reasons for*ST Kunming Machine Company delisting and puts forward relevant Suggestions.These Suggestions have certain reference value for the delisting early warning analysis of *ST enterprises and the delisting enterprises' improvement of management level.Therefore,this study has certain novelty.