Research On Chinese Delisting System According To St Company

As the development of Chinese stock market, there are more than twenty years since the establishment of Chinese stock market. As we all know, it is difficult to delist from Chinese stock. The delisting system of listed companies is a weak part of Chinese stock market. Improve the delisting system lead listed companies to the survival of the fittest and create a better investment environment.The entry point of this study is on ST system and the ST segment. The object of this paper is the delisting system of the ST segment. This paper mainly discusses how to improve the delisting system. By studying delisted companies and ST companies, the study reached the following conclusions:(1) there are fewer quantity standards of delisting system in Chinese stock market. The non-quantitative indicators are difficult to execute.(2) The execution of delisting procedures is inefficient and elasticity.(3) We analysis the effect of ST system.A considerable number of poor listed companies refuse to withdraw from the market.(4) We analysis the phenomenon of ST companies getting out their blocks. The rule should be refined.(5) We build logistic model to identify the risk of the companies that are able to be delisted. The asset turnover and whether the largest shareholder is changed are two useful indicators. Point out the recommendations of Improvement of delisting system:(1) Listed companies in China should strengthen the construction of quantitative indicators in the delisting system.(2) The execution of ST system is Inefficient.(3) We advised that the regulatory authorities should be strict to ST companies.(4) The existing delisting system is too gentle. We need the delisting system to be strict.This paper is divided into six parts:(1) Introduction.(2) The related theory of ST system.(3) Comparative analysis of the domestic market and overseas market.(4) An empirical analysis of the effect of ST system.(5) The Identification and measurement of the risk of delisting.(6) Policy recommendations.