The Delisting Legal System Of China Listed Companies

Listed company is a listed company by issuing securities listed on the stock exchange, the securities or the securities of listed company no longer meets the stock exchange continued listing conditions led to the suspension of listing and termination of the listing of securities. At present in our country 's securities market level, this paper refers to the listed company is a listed company on the main board market on delisting, listed companies from Shanghai, deep bourse. Listed company of China legal system refers to the adjustment of the delisting of listed companies of a series of norms of complete system, is the company law and securities law system is an important part of. The system includes delisting decision, delisting procedure, delisting criteria, after the withdrawal of the securities and protection of investors' interests. The system includes the delisting of the three stages, namely, to suspend the listing, recovery and termination of the listing. Delisting system of listed company is perfect, is not only conducive to play the resource allocation function of securities market, improve the corporate governance structure of listed company, but also conducive to investors risk consciousness.In this paper, the arrangement of contents is divided into four sections. The first part of the withdraw law system of listed company made a brief introduction, from the concept of the decomposition of the system characteristics to the system exists theoretical foundation (value), and the system has real sense four administrative levels gradually discussed. In listed company of China legal system concept, first by securities market division leads to delisting of the narrow sense of the concept and general concepts, and then corresponding leads the withdraw law system of listed company of broad and narrow concepts, this paper relates to the concept of clear statement. On the withdraw law system of listed company 's characteristic, introduced three characteristics, are the withdraw law system is systematic, the withdraw law system is operable, the withdraw law system of both two sides of entity and procedure rules. In listed company of China legal system theory, analysed the order value and the efficiency value. In listed company of China legal system sense, analysed the withdraw law system of listed company to play the resource allocation function of securities market, the significance of improving corporate governance structure of listed companies and investor risk awareness of the significance of culture.In the second part of this article, firstly, according to our country the withdraw law system of listed company from the beginning to the present relevant laws and regulations, divides the development course of four stages, clearly show the Chinese listed company legal system evolution. Then from the whole evolution process behind the purpose and actual effect achieved by the gap between the summed up the withdraw law system of Listed Companies in China the problems still existed. In China's listed company legal system development course introduction, is divided into four stages, respectively is the first phase of the withdraw law system of listed company of the basic construction, second stages of the withdraw law system of listed company of constant exploration, the third phase of the withdraw law system of listed company is formal start and fourth stages of the withdraw law system of listed company. Continue to improve. In China's listed company legal system exists in the introduction, analysis of the loss for three consecutive years the standard deviation of actual, comparative mature area standard is not comprehensive, delisting decision main body in practice not identify, review mechanism, lack of protection of the rights of listed companies, listed companies take the initiative to delisting mechanism not perfect, risk warning announcement system did not play its due role, rectification of the grace period of inspection and supervision is not comprehensive enough.In the third part of this article, introduces the mature countries and regions of the withdraw law system of listed company in the United States the content, including the New York stock exchange, the London Stock Exchange 's delisting criteria and delisting procedure two aspects of the related provisions of the introduction. On the basic introduction, this article will bar the withdraw law system of listed company in China and the withdraw law system of listed company to carry on the comparative analysis, which summed up our country for reference aspects. In the fourth part of the paper, corresponding to the third part question proposed the solution suggestion. Mainly on the delisting decision subject, delisting standards of refinement, delisting procedure specification, multi-level security market construction aspects. Specific include:increased" insolvent" as the continuous loss of complement, learn from mature countries experience increasing delisting criteria, clear delisting decision right, perfect delisting of listed companies the way choice, perfect delisting risk warning announcement review system, perfect system, strengthen the inspection and supervision of rectification within the grace period.