Research On Forced Delisting Of Listed Companies Based On Audit Opinion

The establishment of the Shanghai and Shenzhen Stock Exchanges in 1990 marked the birth of China’s securities market.As an important part of the securities market,listed companies have been receiving much attention.With the continuous improvement of the delisting system,audit opinions are also included in the mandatory delisting provisions of listed companies.Moreover,the number of non-standard opinion audit reports issued by listed companies in recent years is increasing.The audit opinion also plays an increasingly important role in the process of forced delisting of listed companies.The audit opinion is closely related to the forced delisting of listed companies.In the past,most of the delisting of listed companies was due to continuous losses or major violations of the law.Therefore,few scholars included the audit opinions and the mandatory delisting of listed companies into the same research framework.For this reason,the article uses *ST olefin carbon as the research object.*ST-ene carbon as the first company in the A-share market to be forced to withdraw from the market due to the issuance of a Disclaimer Opinion Audit Report,the reason and result for the delisting has a strong warning effect and reference for the entire capital market.This paper uses the case study method on the basis of combing the relevant literature of scholars at home and abroad.Firstly,it introduces the two theoretical foundations of contract theory and corporate governance theory,and expounds the definition of forced delisting of listed companies.Then,the basic background of the *ST-ene carbon company was introduced.The basic situation of the non-standard opinion audit report issued by the *ST-ene carbon in the three-year financial statement for the third consecutive year,and the three stages of forced delisting.Finally,an in-depth analysis of *ST olefin carbon was forced to withdraw from the market due to violation of the audit opinion clause Finally,the analysis of*ST olefin carbon was forced to withdraw from the market due to violation of audit opinion delisting standards.Based on this,the paper analyzes the internal problems of*ST olefin carbon internal control,strategic management,core competitiveness,operating income and sustainable management ability and dig into its internal problems deeply.And explore the correlation between audit opinions and *ST olefin carbon forced delisting.This paper studies the forced withdrawal of *ST-ene carbon from the perspectiveof audit opinion: the audit opinion can objectively reveal the problems and various risks of listed companies,and has an early warning effect on the operation and management status of listed companies.Through in-depth discussion on the internal situation of *ST olefin carbon,it is found that the root cause of its delisting is that the internal control failure leads to strategic decision-making mistakes,which makes the business performance continue to deteriorate.This coincides with the continuous non-standard opinion audit report issued three years before the *ST olefin carbon delisting.At the same time,the mandatory delisting of *ST-ene carbon also indicates that the regulatory authorities have begun to play a role in strict supervision and urged CPA practitioners to practise more cautiously.At the same time,the conclusions of this paper are important implications for other listed companies to avoid delisting,rational investment by investors,and regulatory departments to optimize market management.