A Study On The Legal Problems Of The Departure Of Listed Companies

Delisting system has already been an initial component of the modern mature market for listed company and plays a very important role to its transformation and development. However, compared with that of western developed countries, problems and deficiency still exist in Chinese present delisting system, especially on the aspect of law-related delisting system. Recent years, with the gradual deepening of China’s reformation of economic system, China’s stock market has seen its continuous rise in the process of social and economic status. Yet simultaneously problems such as small scale of Chinese mainland market, single variety and incomplete and deficient market system have been exposed as well.To a large extent, these problems have been the negative influence to the rapid development of China’s stock market. If Chinese government chooses to pursue rapid development by ignoring these problems, China’s stock market will be led to a deformed way. China’s imperfect delisting system enables disqualified companies still in possession of stock market, as leads to a huge influence on Chinese economic development. In conclusion, it is of important practical significance to pay more attention to the research on Chinese delisting system of listed company, especially on the aspect of law-related delisting system.The thesis is divided into five parts. Part Ⅰ is the exordium. After explanation of thesis choosing, a general analysis on delisting system of listed company is given, on the basis of which, with the documentation analysis, an analysis on the significance of the perfection of delisting system is stated, followed by an analysis of the necessary principles to be followed during the process of the foundation and perfection of the delisting system. Part II is about the basic functional research of the delisting system, as is to foreshadow the following discussion. Part Ⅲ is the analysis on the history of delisting system and problems existing in law-making process and practice. Part IV describes the specific procedure of China’s delisting system of listed company, and further confirms the deficiency of Chinese present delisting system of listed company. Part V focuses on how to use foreign mature delisting system of listed company for reference. It is suggested we melt foreign mature delisting system with Chinese law system, hence by continuously improving Chinese present delisting system law, and by reinforcing and refining the standards and qualifications of it, to strengthen the enforceability and maneuverability to protect the legal rights of medium and small investors and stabilize the stock market.The thesis mainly focuses on analyzing and researching on the causes of the deficiencies of China’s present delisting system of listed company, using successful experience of western developed countries’ delisting system for reference, and considering whether these successful precedents could be adapted in China’s stock market. The innovative point of the thesis lies in a lot of documentation analysis about the related law and successful precedents of foreign countries’ delisting system of the listed company. Instead of rote, a full consideration about their existing environment and economic situation, in combination with Chinese special market environment, is given in order to perfect the delisting system of listed company.