Study On The System Of Compulsory De-listing Of Listed Companies Under The Framework Of The New Securities Law

Since the establishment of the compulsory de-listing system of listed companies,the effect of system implementation is not ideal.As of 2019,the delisting rate of listed companies in China is only 0.31%.Compared with the mature securities market abroad,china’s listed companies have not been normal,the exit channel has not yet been open.In terms of de-listing types,forced de-listing due to continuous losses dominates,and other types such as equity distribution have not yet been forced to de-market.At the institutional level,there are problems such as broad standard of compulsory de-listing,insufficient quantification and vague identification.Theorists have made a useful exploration of the necessity and path of perfecting the compulsory de-listing system,and it is generally believed that the compulsory de-listing system of listed companies should be perfected from the aspect of compulsory de-listing standards and procedures.However,on the node of the securities law,how to find a breakthrough point to perfect the compulsory delisting system of listed companies,so that the system really lands,so as to serve the major legislation,the theoretical field has not been fully studied.This paper will take the revision of the Securities Law as an opportunity,combined with the practice of the typical case of compulsory de-listing of listed companies,point out the current system of compulsory de-listing of listed companies and practice dilemmas,and analyze the causes of the problem,to explore the listed companies forced de-listing system of the perfect path.This article consists of four chapters.The first chapter is the introduction,the main content of its discussion is the research cause and research significance of this paper,at the same time combing the main research status quo related to this article at home and abroad.The second chapter mainly analyzes the dilemma faced by the compulsory de-listing system of listed companies,which is divided into the dilemmaofs of system and practice.The third chapter aims to analyze the specific causes of the difficulties of the compulsory de-listing system of listed companies.The reasons for the difficulties faced by the compulsory de-listing system of listed companies are not single,but they are affected by many factors.The fourth chapter aims to discuss the optimization path of the compulsory de-listing system of listed companies,mainly from the system itself and the external environment to analyze the specific path of perfection.