Research On The Law System Of Delisting For The Listed Company In Our Country

A stock market of integrity should be set up depending on listing and delisting these two sets of law systems . Only the stock market has these two sets of law systems at the same time, it can become an open market, and it can perfect resources through a dynamic adjustment process . In the western matured stock market, the law system of delisting for the listed company has been established for 200 or 300 years , while in our country the stock market has been set up just for more than 10 years. Influenced by various objective factors, our stock market has been a half-closed market for a long time. The absence of delisting system made the delisting of listed company to be an "unbelievable fable ".The "only coming in, no going out"situation was not changed in our stock market until the "Regulation on Suspending and Ending Entering the Security Market for loss-making Company"was issued and the PT asphodel was delisted formally, and the delisting system was really carried into execution. However, the delisting individual cases does not mean that the delisting system has already been perfected and actualized effectively , on the contrary , there still exists serious limitations in the system itself, and it still faces huge execution obstacles , so the delisting system needs to be further perfected . In this article, first of all the concept of the delisting was analysed , and pointed out that there only existed the situation of enforcing delisting in our current stock market , so this article only researched the law system of enforcing delisting for the listed company in our country. Following,the connotation and characteristic of delisting system were discussed, and its value in legal theory was analysed, Consequently its important significance was summarized. And then, this article compared the enforcing delisting system in matured stock market, accordingly fetched out the analysis on the status in quo of the current delisting system in our country. This article pointed out that there existed bad execution obstacles to the current delisting system in our country, including not only in the legislation aspect but also in deep levels. Finally, on the basis of the analysis on these execution obstacles, the article made an in-depth thought about how to perfect the current delisting system, and put forward the concrete measures about how to solve the execution obstacles in deep levels, including building up law faith of the stock market, relocating main function of the stock market, reforming the listing system, adjusting the structure of the ownership of the stock shares in order to reduce the delisting cost, balancing the benefits of the related corpus, establishing the multi-level stock market system, constructing an unimpeded delisting"exit", upbuilding a reasonable delisting supervision mode. Aim at the execution obstacle in law aspect, this article brought forward the concrete suggestions about how to perfect the delisting law per se, including correctly distributing the authority to the delisting , constituting scientific reasonable delisting standard, embodying the delisting procedure these three aspects . Furthermore, this article also put forward the suggestions about perfecting the civil compensation responsibility system in stock market, suggesting to perfect the substantive law and procedural law of this system through responsibility cognizance and proceeding these two aspects.