Empirical Study On The Delisting System About Net Assets Of Chinese Listed Company

As the delisting standard is not perfect in China, there are some insolvency listed companies that tend to record unsatisfactory earnings, some of which are very difficult to reward investors for a long period of time. However, they can maintain their listing status by several reconstructions. The existence of this type of company is not only seriously affected the overall quality of listed companies, it also undermines the interests of investors.From the analysis of the listed companies'quality in Chinese current stock. market, this paper describes the research significance and research ideas of this empirical study. Then, the thesis makes a deep analysis of the history and status of implementation of the Chinese delisting system, and it points out that the delisting standards of listed companies need to Improve and supplement, while a comparison between domestic and foreign delisting standards; Following is the empirical research that finds for the regularity of the characteristics of net assets of the companies which have withdrawn from stock market by using descriptive statistical analysis, two independent samples t test and independent samplet test and other statistical methods. Further, by using descriptive statistics, this paper makes out the characteristics of net assets of the past and current insolvency listed companies, and the capacity of profitability of the listed companies from Shanghai and Shenzhen A stock market. After that, combining the above empirical results, this paper sets a specific net assets index for judging which companies should retreat city, and analyzes insolvent company's investment value analysis to verify the reasonableness of new evaluation indicators. Finally, according to the results, the paper proposes the theoretical basis and the environment of the implementation of the net assets delisting system and its specific programs and related supporting measures.The conclusion shows that because of its limited coverage of delisting standards, the Chinese securities market has not fully play its function of survival of the fittest, so should further enrich the content of the delisting standards of our country. It also shows that except the delisting companies due to the merger, the net assets of the delisting companies due to the operating losses and other reasons are significantly negative in the year before delisting, and that the insolvent company does not have investment value under certain assumptions. So it suggests that our country should introduce the net assets delisting system.