| GEM market in China was formally established in October2009, and have ahistory of more than three years now. he Growth Enterprise Market (GEM) plays animportant role in the financing channels for high-tech enterprises, and guide theeffective allocation of social resources. As of October2012, China’s GEM has355companies listed, raised a total of about220billion yuan of funds. After three years ofdevelopment, the total market value of the GEM also rose to830billion yuan from140billion yuan in the first.During three years, GEM developed seemingly rapidly, but it does not giveinvestors a gain with this adaptation. GEM market is showing poor performance oflisted companies, executives cash frequently, serious starting premium, highproportion of ultra raise funds and many other issues. As of October,233price lowerthan the issue price, accounting for65.6%of the total number of GEM355stock.which is contrary to the original intention of the GEM market.This status forced us to reflect on the various systems of the GEM market,however, there is no company to be delisted, thus the figurehead GEM delistingsystem has become one of hot academic issues. By the end of November2011, theShenzhen Stock Exchange issued a "perfect GEM delisting system program (draft)"of concern,"the Shenzhen Stock Exchange GEM Stock Listing Rules (2012Amendment) on1May2012officially implemented. Delisting system revisedsignificantly compared to the previous rules, but there are still unresolved problems.How to perform and to improve existing delisting system has become a subject ofurgent research.Mature securities markets can lead optimal allocation of resources, whichrequires not only a comprehensive listing system also requires strict operationaldelisting system. GEM companies may have great potential for development, but thecorporate governance structure is generally inadequate, have unstable performance,thus GEM has higer risks Relative to the motherboard market risk. GEM delisting system can induce the company to improve the governance structure, but also protectthe interests of small investors. The new regulations had begun to implement,compared with the past which is certainly more perfect, but there are still omissions.Thus, in this article, by analyzing the progress and the defects of the new delistingrules, and comparing with overseas mature GEM delisting system, and to makelgislative proposals.This paper is divided into four chapters:Chapter Overview of GEM delisting system. The chapter first clarify themeaning of GEM delisting system. Then expounding the theoretical basis of the GEMdelisting system from two aspects of economics and jurisprudence. Next elaboratingthe GEM functions and necessity of the delisting system, which plays an importantrole for parties trading in the main stock market.The second chapter is mainly about the overseas mature capital market GEMdelisting system, the way of delisting, the delisting standard, delisting procedures anddelisting channels comparative summary of domestic institution building.The third chapter is the focus of this article, the status quo of China’s GEMdelisting system analysis. Be evaluated first introduced the Shenzhen Stock ExchangeGEM Stock Listing Rules (2012Amendment), and the inadequacies of the analysisthe new delisting system still exist, analysis of the GEM delisting system delistingstandards retire City program as well as China’s capital on the environment,construction is still flawed.The forth chapter is on the basis of comparative analysis in the comparison ofold and new delisting rules, the delisting rules of the current delisting rules with themature capital markets overseas, derived above our GEM delisting system defects,respectively, from the delisting standards delisting procedures as well as themulti-level capital environment construction, put forward suggestions forimprovement at last. |
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