Study On Delisting System Of The Growth Enterprise Market In China

After preparation of ten years , the growth enterprise market(GEM) finally was established on 30 October in 2009.The appearance of GEM greatly enriched our financial market. It's a the crucial step for the establishment of multi-level capital market in China. However, many problems appear constantly in the past year . Delisting system is one of the most important problems. The delisting system ensure the listed companies'survival of the fittest, and promote the sound development of China's capital market. However, the implementation effect of China's delisting mechanism was not satisfactory. This thesis studied the delisting system of GEM in China , and discusses how to construct the delisting system in GEM.There were six parts in this thesis. Part one was introduction of the whole thesis. The background and meaning of writing this thesis, the review of literatures and the structure and research methods of this thesis were introduced. The second part clarify the concept of delisting system, Orientate GEM in our capital market system by analyzing the characteristics of GEM and comparing GEM to motherboard, small and medium enterprise board in our country. Finally, expound how the delisting system impact on the market in the field of allocating resources, risk prevention, market supervision and so on. The third part analyzes the delisting standard, this article retreat the delisting standards into quantity standard and quality standard, and discusses the delisting standards of GEM ,by analyzing and comparing the standard of developed countries and regions in the features and advantages, and summarizes the delisting standard of motherboard market. The fourth part analyzes the delisting procedures, discusses the establishment of delisting procedures in China's growth enterprise market by contrasting the NASDAQ market and Hongkong GEM ,and summarizing the problems in delisting procedures of motherboard market. The fifth part analyze delisting channel. this chapter study some developed countries and regions GEM delisting channel and give some suggestions on the delisting channels in combination with multi-level capital market. Part six, based on the above analysis, gave some suggestions on how to establish the delisting system of GEM in China.