The Study On Delisting Institution Of Growth Enterprise Market In China

A mature Growth Enterprise Market should be a complete organic entity of Capital Market, as an organic part of the Growth Enterprise Market, the delisting institution must be included in. Only the market puts forth new ideas, the square can revolve smoothly.It was certified by the actual experience and the construction of the system of the American Nasdaq market and Hong Kong'sGrowth Enterprise Market In October, 2009, the Growth Enterprise Market formally started,and be called 'the Nasdaq of China', but'the Nasdaq of China' is different from real Nasdaq, it haven't erected the delisting institution so far,for which is lack of would cause lots of negative problems.If there is not have the delisting institution, there would put a great trouble in building the companies which have potentialities and competition ability. The companies which are not good at primary surface would act recklessly,even they would interfere the high-quality enterprise' rational margin needs, forming the bad result of'the base coin gets rid of good currency'.In addition to conclusion, the text is totally divided into five components, its main contents is as follows:The first part of the preface is about practical significance and value of this topic,summiting the e researches about the Growth Enterprise Market at home and abroad.First it definitely state the special meaning of the delisting institution of Growth Enterprise Market for construction of a perfect Growth Enterprise Market law system.Then,it generalize various doctrines and standpoint of the scholars.And finally,achieving a conclusion that:from the perspective of the long health growth of the Growth Enterprise Market and the protection of the investors' benefits,considering the design defects of the Main-board and Sme-Board, the perfection of the delisting institution of Growth Enterprise Market is more important as a new member of the Capital Market.Chapter Two is mainly elaborating the delisting institution of the Growth Enterprise Market by the means of analysing the causality and functionality.The reason why we build the delisting institution of Growth Private System, the rooting is the market defective theory,such as incompletely competes, outside, public product, social inequality and so on. As the part of the market, the Growth Enterprise Market has its own high-risk feature expect the above defects, which needed the delisting institution to protect the investors' benefits and enhance the controllability of the risk investment.The function of the delisting institution of the Growth is to optimize social resource allocation, norm market of operation, improve the company quality, set up a reasonableness investment principle. Chapter Three is mainly doing researches on comparing to the overseas Growth Enterprise Market.Mainly comparing to the standard of delisting institution of three markets such as the American the Nasdaq market, New York, the United States security market and Hong Kong plank market, concluding that the reasons why they got success are:the quantization standard which makes it is easy to operate; respects the function of the market itself, what make it can full use of the survival of the fittest of the market.Finally,summary the oversea reform trend of the delisting institution of the Growth Enterprise Market after the financial crisis, it become strict from loose,by the experience of the oversea Growth Enterprise Market who once suffered of frustrate;make an appropriate rectification about the standard of it; strength the controllability of the procedure.Chapter Four, detailed analysed the delisting institution of Delisting in our country very deeply. Through analyzing, although it has more innovations than Main-board, many defects still exist. The first, delisting institution hasn't been systematized,and we are lack of practical experience on operations and regulation; The second, there are many difficulty in standing up for investor legal advantage. The cause lies in that the litigation and satisfaction system of delisting institution em haven't worked effectively yet. The third, the regulation effect is very hard to measure because of information dissymmetry. The fourth, community of interest has been an major obstacle, so the listed companies always exist, and never dying.Chapter Five, the design and speculation of delisting institution em. The first, our country needs a direction for the design of delisting institution em:we need insist that predominance of delisting institution lies in the market firstly; secondly we need strengthen the regulation function of stock exchange; the last is to build the mechanism for investigating the executives's responsibility. The second,directly delisting institution which based on the practices of going private from the Main-board, risk of controlling Growth Enterprise Market and practical operation, directly delisting institution will play a significant role in optimizing the market allocation of resources, improving the market quality, achieving market functions of survival of the fittest. Furthermore, directly delisting institution focus on the protecting the interests of investors, reduced the risk of going private, is the powerful guarantee for market stability.Ultimately, the perfection of the directly delisting institution, on the basic of drawing lessons from the outside experience of the Nasdaq Market:building a investment philosophy of "buyer beware" to achieve the effective abutment of the standard of going public and going private and building an multi-level bond market.