The Reserach On Delisting System Of Growth Enterprise Market In China

The growth enterprise market is an important part of our multi-level capital marketsystem,it takes a fund-raising platform for innovative high-tech enterprises.Since thegrowth enterprise market established in2009,it has been more than two years.Thoughthe growth enterprise market has made some success in the past two years,it had someproblems.The erperiences of mature growth enterprise market tell the true that if onegrowth enterprise market work usefully,it must has an effective delistingsystem.Therefore, an effective delisting system is of signifiance for the healthydevelopment of our growth enterprise market. Since China’s growth enterprise marketset up in2009,though some rules about delisting has benn writen in the "Stocks ofGEM Listing Rules in Shenzhen Stock Exchange ",there are still some defects in thedelisting system.It has bad affect on the development of China’s growth enterprisemarket.After more than two years preparation, the Shenzhen Stock Exchangeissued“the program about how to improve the delisting system of growth enterprisemarket(draft)”in November28,2011,the delisting system has been improved.However, there are still some defects on delisting system after the new programannounced. Therefore,base on the theory of delisting and delisting system, learn fromthe mature growth enterprise market,there are some advices that how to ameliorateour growth enterprise market delisting system.This article is divided into three parts: preface, text and conclusion The preface of this article present the reserch background and demonstrate thereserch idea.Then it indicate the reserch method and the innovation.The body is divided into four chapters.The fist chapter is about the basic theory ofgrowth enterprise market and delisting system. The second chapter demonstrates themature growth enterprise market overseas,including American Nasdaq market,Alternative Investment Market, Hong Kong’s growth enterprise market.The thirdchapter analyzes the current delisting system and indicates the shortcomings ofcurrent delisting system. In the fourth chapter,learn from the mature growth enterprisemarket,there are some advices that how to ameliorate our growth enterprise marketdelisting system,including delisting standards, delisting procedures, exit channel andinvestor protection.Conclusion are the summary of this paper and the prospect.