Research On The Delisting System Of Growth Enterprise Market In China

Delisting system is an integral part of Growth Enterprise Market (GEM), it plays an important role in maintaining vitality of securities market and quality of listed company, protecting investors and promoting the healthy development of securities market. Mature GEM should be a full, organic unity of capital market, delisting system must be incorporated. There is only reinventing development can operate smoothly. Successful experiences and the system constructions of mature capitalist market economy countries and regions fully explain the truth, such as NASDAQ, Hong Kong GEM. So far, delisting system in China securities market is useless, can't play its due role. Oct 30,2009,28 IPOs listed on the Shenzhen Stock Exchange GEM, caused extension attention of the whole society. But more than a year since GEM opening, the market rises and falls reflect many defects of the current rules. Therefore, the paper bases on the combing through the current delisting system of GEM, takes example by delisting system of international mature GEM, gives advices to perfect delisting system of GEM in China.The paper divides into three parts: preface, text and conclusion.The preface introduces the research background and significance, describes the necessity of delisting system of GEM in China. Then it illustrates the demonstration ideas and research method of this paper. Finally, it points out the innovation of the paper.The text uses the traditional syllogism, is divided into three chapters. The first chapter is the basic theory of delisting system of GEM, include three parts. The first part introduces the concept and development of GEM; the second part briefly elaborates the concept and content of delisting system; the third part is a brief analysis to economics and legal theory of delisting system; the forth part lists the necessity of delisting system from three points of market, listed company and investor.The second chapter is the analysis on the status of implementation of delisting system of GEM in China, it includes two parts. Firstly, it combs the current delisting system of GEM in China. The second part points out the problems of delisting system in delisting criteria, delisting procedure, exit channel and judicial relief aspects, through the comparison between delisting system of motherboard and overseas mature market.The third chapter is the key of this paper, mainly discusses the maturity of delisting system of GEM. Aiming at the problems refers to in last chapter, this part gives advices to perfect delisting system of GEM in China, from four points of delisting criteria, delisting procedure, exit channel and judicial relief.The conclusion is the summary of the main research results of the paper.