Study On The Motivation And Route Choice Of ~*ST Shangpu Active Delisting

China's delisting system of listed companies started late.In 2014,the opinions on reform,improvement and strict implementation of the delisting system of listed companies issued by the China securities regulatory commission(CSRC)first explicitly proposed the voluntary delisting system.Since then,China's delisting system has ushered in a new stage of development.With the gradual development of the registration system,the IPO will become more market-oriented and the delisting of listed companies will become a regular phenomenon.But now,the increasingly perfect system of voluntary delisting is different,under the authorization of "shell" resources scarcity caused few active delisting case,active delisting rate compared with other mature securities markets are still larger ascension space,is not conducive to optimizing the allocation of resources,also obstructs the securities markets have into a virtuous circle.~*ST shangpu,the research object of this paper,is one of the few listed companies that choose to take the initiative to delist.~*ST shangpu as active on the delisting system since the implementation of A stock market the second active delisting of listed companies,have no choice to keep the "shell" when facing delisting,but the way to the shareholders meeting resolution active retreat city,at the same time to provide all the shareholders,including dissent shareholders cash option to better protect the interests of small and medium-sized investors,can also help the company adjust the development strategy,to be prepared for the listed again.Its active delisting motivation and path choice have certain reference significance and reference function to other listed companies.This study focuses on the case of ~*ST shangpu's active delisting,aiming at improving the active delisting system and providing experience and enlightenment for other listed companies.Firstly,the research results of active delisting at home and abroad are sorted out.On this basis,relevant concepts of active delisting are distinguished,and the theoretical basis for active delisting research is briefly introduced.Next,the general situation of the development of the communication industry is investigated,and the development history of ~*ST shangpu general and the process of active delisting are introduced in detail.Secondly,dupont analysis method and Z score model were used to explore the financial status of ~*ST shangpu,to deeply analyze the internal motivation of active delisting,and to analyze the external motivation of ~*ST shangpu's active delisting from multiple perspectives.Thirdly,this paper makes an in-depth analysis of the reasons for ~*ST shangpu to choose the resolution method of the general meeting of shareholders,evaluates the actual value of ~*ST shangpu shares based on the model of price-to-book ratio and price-to-sales ratio,and makes a comprehensive evaluation of the rationality of cash option pricing by comparing with other active delisting.Finally,according to the result of motivation analysis and rationality evaluation of cash option pricing,the enlightenment of this case to China's active delisting mechanism,the protection of interests of small and medium investors and other listed companies is summarized.Based on the full text of the study,the following conclusions can be drawn :(1)~*ST shangpu's profitability and development ability is weak,debt risk and operation risk is large,a number of major business failure events increased the possibility of ~*ST shangpu financial crisis,which is the internal motivation for ~*ST shangpu to take the initiative to delist;(2)to protect the interests of small and medium investors,the deterioration of the external operating environment leads to the decline of the company's core competitiveness,as well as the support of policies and laws for companies that take the initiative to delist,which is the external motivation for ~*ST shangpu to take the initiative to delist;(3)* ST shangpu chose the resolution method of shareholders' meeting because its control right is relatively concentrated,so it is more likely to adopt the resolution of voluntary delisting,and there are previous cases of successful voluntary delisting in the way of shareholders' meeting ~*ST shangpu for reference.(4)there is a big difference between the cash option exercise price of * ST shangpu and the actual price of * ST shangpu stock estimated based on the model of price-to-book ratio and price-to-sales ratio.The exercise price does not take into account the losses of investors during the termination of listing and the final delisting.From this perspective,the cash option pricing of ~*ST shangpu is unreasonable.But compared with ~*ST Erzhong,~*ST shangpu cash option exercise price to investors to bring less losses,relatively reasonable.According to the above conclusions,some Suggestions are put forward: first,improve the active delisting mechanism,draw the line between active delisting and passive delisting,and eliminate the scarcity of "shell resources".Second,to protect the rights and interests of minority shareholders,improve the risk awareness of investors,cash option pricing should be reasonable;Third,the normal operation of the listed company to learn the lessons of ~*ST shangpu poor management,the choice of the active delisting of the listed company should be combined with the actual situation of the company to choose the delisting path.