Research On Establishment Of Exit Mechanism For Listed-Stock Companies

~IASTER S THES IS Abstract According to analyzing ST (special transfer) and PT (particular transfer) stocks increased in chinese stock market in recent years, it is necessary to establish exit a- mechanism for the listed-stock company. Foreign stock markets have had hundred years?history on exit mechanism. Referring to regulations and ways of exit mechanism in foreign stock market and combining our stock managing department抯 research and reforms in exit mechanism .The article put forward establishing a centralized and multi-storied stock market system, which is consist of main stock market, second stock market and curb stock market. Curb stock market is to solve the enterprise抯 problem on financing and assets value evaluation and dispersion of risk at the stage of initiation; Second stock market is to settle the enterprise 憇 same question at middle stage of infantility; Main stock market work out the solution to mature high-scientific industry of financing and the way to intervention with high 梥cientific industry. Among three market, a perfect 憀adder shaped market?come into being. Enenterprises come into and retreat from the stock market regularly in this multi-storied market system. when the achievement and financial report of listed-company are gliding ,it will be ordered to drop out to the second market. With the same condition, the listed-stock company on the second market will be signed to enter curb market. On base of different standards and terms of three stock markets, the multi-storied stock market enable to realize 搕he excellent survive, the inferior perish? Setting up multi-storied stock market system is linked with establishment of exit mechanism. Multi-storied stock market system can provide gate for listed-stock company, improve and optimize market configuration, promote their quality and make the market normative ,high-efficient and moderate operation. On the other hand, it will break 搕he lifelong system?of the listed stock company.