The Research On Delisting Institutions Of Chinese Growth Enterprise Market

Growth enterprise market in China after ten years of preparation, several twists established in 2009 finally. The launching of GEM enrich and improve the function of capital market, it is good for this financing innovative high-tech enterprises with the GEM platform to improve technological innovation capability. But delisting system was not established as the GEM open frame, it is clear that a lack of effective delisting system of growth enterprise market is not complete. Adhering to the main Board on the growth enterprise market in China is "paying more attention to listing but less attention to delisting" design ideas, gem set in the delisting of the current system of delisting criteria too loose, delisting procedures fuzzy and lack of interoperability. In front of such a harsh reality, how to consummate the delisting system of safeguarding is not only the healthy development of China's growth enterprise market requirement. At the same time academic discussion on this issue focus on regulatory aspects, ignoring the law of market economy. Delisting system construction from the angle of law point of view is also lack of perfecting delisting system of Chinese GEM global grasp. This article attempts to make it from a legal perspective, through comparative analysis of method system and intensive discussion on improving the delisting system of GEM. The author described in overseas markets on the basis of successful experience, combined with China's specific national conditions, on delisting standards of perfecting China's growth enterprise market, delisting procedures, as well as supporting system construction to present their views and suggestions.In this paper, after clarifying concepts of GEM delisting system, the writer analyzed the delisting system of GEM and pointed out the problems of our GEM. The next major researched NASDAQ, AIM, Hong Kong's GEM and other mature markets in the delisting standards and delisting procedures of the legal provisions and specific methods of operation, And the delisting of several markets standards and delisting procedures were compared, we summed up the similarity of the systems and identified the characteristics of each system, summarized the successful experience overseas to bring GEM of china. Finally, combined with the realities of China's national conditions and the current delisting system on China's growth enterprise market withdrawal system construction and make relevant recommendations. In particular, in the delisting standards, should draw on overseas experience, persist in delisting listed harmonization of standards and principles, to diversify delisting standards system and focus on strengthening capacity on sustainable operations monitoring; in the delisting procedures, improve the system of direct delisting, the delisting decision will be delegated to the exchange; in terms of matching sound system, establish a assumption of risk investment philosophy and to protect the interests of investors through institutional building, while vigorously strengthen the building of multi-level capital markets. Establish and improve china's growth enterprise market of the delisting system will not only ensure the quality of listed companies in different markets and reduce systemic risk of the market, but also to promote China's stock market system, orderly and sustainable development.