A Case Study Of Delisting Of *ST Kunming Machine Tool Company

The establishment of a country's capital market is the inevitable trend of economic development and the inevitable product of market economy.As of March 31,2019,there are3,600 a-share companies listed on the main board of Shanghai and Shenzhen in China's capital market,and 115 companies have delisting from the main board of Shanghai and Shenzhen,with the delisting rate of only 3.10%.Delisting of listed companies is as important as listing in a healthy securities market.Only by facing up to the delisting problem of listed companies,can the quality of listed companies in the securities market be guaranteed,so that the securities market can develop normally,healthily and orderly.Only the delisting of listed companies can be carried out smoothly,the quality of listed companies in the securities market can be guaranteed,and the optimization function of the allocation of resources in the securities market can be properly played.In recent years,due to the continuous improvement of various delisting systems and the negative impact of delisting of listed companies on the capital market and investors,it has attracted wide attention.According to relevant laws and regulations,most delisting enterprises will be forced to delist from the stock market by the CSRC due to continuous losses or major illegal behaviors caused by poor management.However,it is relatively difficult to obtain the qualification of listing in China,and most enterprises will achieve better development by virtue of the capital market.In this paper,literature research method and case analysis method are combined to select*ST Kunming Machine Tool Company as the research object for analysis.First of all,the introduction part elaborates the topic background,research significance,research content and method of the paper,clarifies the research ideas of the paper,draws a framework,and summarizes and sorts out the literatures studied by domestic and foreign scholars for literature review.Secondly,the delisting of listed companies on the related concepts and theories,introduced the way of the delisting of listed companies in our country and delisting procedures,and the listed company delisting system according to the related system issued by year,the name of the laws and regulations and the relevant provisions of the comb,understand the current capital market the delisting of the status quo,for the study of *ST Kunming Machine Tool Company delisting problem doing basic bedding;Then,themanagement and financial situation of *ST Kunming Machine Tool Company before delisting is analyzed,and in some aspects,it is compared with Shenyang machine tool co.,LTD.,which is also an associated enterprise.The internal and external reasons leading to the delisting of*ST Kunming Machine Tool Company are explored in depth.Finally,from different levels,different angles to Queensland,*ST Kunming Machine Tool Company,analyzes the consequences of delisting in the risk early warning and Z value calculation method on the bankruptcy risk prediction,according to the delisting reasons and consequences,respectively from the system level and company level proposed targeted countermeasures and Suggestions,so that many other listed companies or investors with space to think and make a reasonable investment decision.Through this case study,in view of the delisting related problems were analyzed,and summarized the conclusion of this study and put forward the investors to set up the correct value investment idea,the rationality of listed companies listed,and strengthen the social public supervision function of case enlightenment,and according to the results of this paper studies the process and write out the prospect,for other listed companies play a warning or reference.