Delisting The Legal System Of China's Listed Companies

A stock market of integrity and mature should be set up depending on listing and delisting system these two sets of law systems. Only the stock market has these two sets of law systems at the same time, the stock market can become an open market, and it can perfect resources through a dynamic adjustment process. The legality and standardization of the listing system can provide strong security for the legality and standardization of Chinese stock market as well as it become a marked sing of whether our stock market development is mature and scientific or not.But in China, the establishing of the delisting system has come through a flexural process. In ten years, our stock marker has not the delisting system until 1994, the delisting system was provided in the in the first time. Later the delisting system was repeated in the .In the implement process, the delisting system turned into ST and PT. Today, although our country has adopted the delisting system and put it in practice on the section of the deficit companies, but there are some bugs in the current delisting system. This requires that no efforts should be spared in improving the existing delisting system. In this article, the author made such efforts in the study of the legal related issues of the delisting mechanism.Besides the abstract and the epilogue, the article consists of four main parts:In Part One, introduce the fundamental theory of the delisting system. Mainly talks about the characteristic, the value in legal theory of the delisting. On the basis of discussion about its basic concept, trait and theoretic foundation, the author holds that delisting system basically has two great values: Order, Efficiency first as well as pay attention to the fair. In this article, the author pointed out that there exist had execution obstacles to the current delisting system in our country, including not only in the legislation aspect but also in deep levels. Establishment and improvement of the stock market's delisting system, which help to add pressures to listing companies, and give full play to securities market performances, and offer larger space for capital raising before enter the market, is not only necessary but also crucial for the market in China.In Part Two, about comparative analysis of delisting system in mature stock market in the world, including America, Japan and Hong Kong district in China. In this part, the author compared and analyzed the delisting standards and delisting procedures of the mature stock market in the world. And get many benefit remark building our own stock market.The third chapter which is about regulation and history system of our delisting system. In this part, though the observation of historical development to the delisting system in C China, the author puts emphasis on analysis both sides of factual reasons and historical reasons of our delisting system. At last, the author point out the basic berries of our delisting system, and the conclusion is that Chinese system of delisting is still am unstandardization one.In Part Four ,the mainly talks about the delisting channels, the delisting criteria and the delisting procedure .The author offers the theory that belief of government by law is the sociological premise in discusses the ways of amelioration of Chinese system of delisting in details. And on the basis of the analysis on these execution obstacles narration in the front, the author made an in-depth thought about how to perfect the current delisting system, and put forward the concrete measures on how to solve the execution obstacles in deep levels. Including building up law faith of our stock market, adjusting main function of the stock market, reforming the delisting 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 some concrete suggestions about how to perfect the delisting system. These concrete suggestions including correctly distributing the authority to the delisting system, constituting scientific reasonable delisting standard, embodying the delisting procedure these aspects.As the whole, the research methods in this thesis concern on the comparative analyze, integration theory with practice and so on. We try my best to view the withdraw law system of listed company in all-round way from the respect of law science, and contribute to farther legality and standardization of rules about the withdraw law system of listed company.