| In recent years,with the development of China’s capital market,China’s delisting mechanism has become more and more sound.In the future,with the widespread realization of the comprehensive registration system,the export side of the capital market will become more and more open,and the relevant reform of the delisting system will be more active.After the official release of the new regulations on active delisting in China in 2014,the national machinery heavy equipment realized the active delisting for the first time,and since then,the number of active delisting enterprises has gradually increased,and the active delisting has received widespread attention.In 2020,with the news that the "first A-share active delisting" has achieved re-listing,there are more and more research on active delisting.As the first enterprise in China to actively delist and successfully resume the market of A shares,China National Machinery Heavy Equipment can form a complete cycle in its development process.Therefore,this paper chooses to conduct in-depth research on the motivation and effect of its active delisting behavior,which will not only help other listed companies understand the active delisting mechanism,but also have reference value for improving the delisting system.This thesis mainly adopts the research methods of literature research,case analysis and comparative analysis,and on the basis of summarizing and summarizing the relevant literature and theoretical achievements of active delisting,the motivation and impact effect of its active delisting are explored by combing the development process of the national machinery reload.First of all,the relevant motives for the voluntary delisting of Sinomachine Heavy Equipment are analyzed,which are: to carry out restructuring work;to make the company sustainable development;to protect the interests of small and medium-sized investors;and to achieve re-listing.In the analysis of the effect of active delisting motivation,this thesis studies the four motivations one by one.First of all,the comparative analysis of the financial indicators of the debt restructuring was carried out on the first motivation;secondly,the evaluation system for the sustainable development ability of the state-type re-equipment was established for the second motivation;second,the small and medium-sized shareholders’ equity of the state-type re-equipment was sorted out,and finally the re-listing of the state-type re-equipment was summarized.The results show that the delisting motive of the state machinery reload is better.After the voluntary delisting,the judicial reorganization and debt reduction were realized,and the relevant financial situation was rapidly improved;the comprehensive score of the sustainable development ability evaluation system improved rapidly;most of the company’s small and medium-sized shareholders exercised the cash option,and the stock price after delisting also increased steadily;the conditions for applying for re-listing were met shortly after delisting,and the re-listing income was realized.Therefore,based on the above research,this thesis believes that the motivation of the active delisting of the National Machinery Heavy Equipment is better,and the enlightenment is drawn: the active delisting needs a good cost advantage,the controlling shareholder needs strong support,and the enterprise should pay attention to the long-term development and clearly establish its own development advantages.The application value of this paper is: to refine and summarize the impact and value of the active delisting of overseas machine reloading,on the one hand,to think about improving the exit mechanism and establishing a virtuous circle of the capital market,on the other hand,to provide a choice for improving the development of enterprises facing development difficulties and under great pressure in the market,and also to provide reference and reference for researchers interested in active delisting. |
