Research On Delisting Of Listed Companies In China And Its System Improvement

Strict delisting of listed companies and improving the delisting system have been closely concerned in the development of China’s capital market.It plays an important role in improving the quality of listed companies in the market and promoting the development of China’s capital market in a more stable direction.With the development of the securities market,many problems about the delisting of listed companies have emerged.The quality of the main companies in the securities market has not reached the best level.Those companies that should be delisted have not withdrawn from the market,which is ultimately reflected in the low delisting rate in China,the high delisting threshold,and the delisting mechanism is formality.Therefore,it is necessary to study the delisting of listed companies and how to better improve the delisting system.Through in-depth analysis of the causes,process and results of the delisting of listed companies,the existing delisting system is analyzed in a targeted way.By sorting out the case studies,influencing factors,early warning research on delisting risks and relevant literature of delisting systems,this paper initially finds that the delisting system is tailored for the delisting of listed companies,and the delisting of listed companies reflects the existence of the delisting system.Secondly,this paper analyzes the delisting reasons and characteristics of delisting companies in China’s multi-level capital market owners,small and medium-sized boards,GEM markets,new third board markets and other sectors,so as to provide guidance for the in-depth development and improvement of delisting systems in different markets.In the empirical analysis part,the factors affecting the delisting of listed companies are studied,and on this basis,an early warning model of delisting risks is constructed.By screening 45 companies that have withdrawn from the market from 2003 to 2021,90 healthy listed companies are matched as samples according to certain principles.From the five perspectives of profitability,solvency and corporate governance,we think about the internal reasons that may cause listed companies to face cause listed companies to face delisting,and then select 34 indicators for research.Then the main influencing factors are screened out by the significance test,and then 6 common factor variables are obtained by factor analysis method.Finally,a delisting risk early warning model is constructed by logistic research method.In addition,under the overall analysis,in line with some individual case analysis,typical cases of delisting in recent years have been selected for specific analysis,including major illegal delisting,face value delisting,financial fraud delisting and other delisting companies.Analyze the reasons for delisting companies and put forward targeted suggestions to establish and improve relevant delisting mechanisms.Finally,it summarizes and puts forward relevant countermeasures to effectively promote the further reform and improvement of the delisting system of listed companies in China and guide the effective improvement of the governance structure of listed companies.On the one hand,help enterprises do a good job in corporate governance and finance to avoid delisting.On the other hand,when formulating relevant provisions on the delisting system,enlightenment regulatory departments should pay special attention to the relevant provisions on corporate governance and finance,avoid non-performing listed companies from taking advantage of loopholes to continue to survive in the market,achieve "forced" delisting,improve China’s delisting rate,and ultimately achieve the goal of promoting the healthy development of the capital market.