The Research On The Delisting System Of China’s Listing Corporation

In the context of establishing the newly revised stock listing rules in2012, thispaper argues the content of the new revision of the stock changes of the listing rules,and Combined with overseas countries and regions of the delisting system ofsecurities market, and established the investors interests protection system of thedelisting system of the security market of our country.After established the stock delisting rule in this year, finally broke the zerodelisting of listed companies in the securities market in China. Although the officialsof stock exchange in Shenzhen say the delisted of stock named*ST yanhuang and*STchuangzhi, is based on original delisting system under normal retreat system. Thedelisting system set sail again after a few years, which is not just a problem of delistedcompanies, it means the begin to build a healthy stock market. This paper can bedivided into four parts as follows:Chapter I is about the general theory of the legal system in listed company’sdelisting system. As the basic of the this paper, it discuss the concept, scope andobject, and research significance of the paper. which has been clear about the contentand definition of the delisting system of listing corporation. It pointed out that theestablishment of the delisting system of listing corporation, can helps to perfect thefunction of securities market, regulating the market operation, improving the mainlymarket structure, improving the quality of overall listed companies, to form effective external supervision and reshaping market investment environment and developingrational investors.Chapter II discusses the present situation of the delisting system of listingcorporation in our country. By summarizing current legal system of securities marketin China, which pointed out the blank in legal system of delisting system. Secondly bycomparing before and after the revision of the listed company stock listing rules,which points out three main aspects of progress of the revision of the delisting system:perfected the delisting procedures, improved the delisting system of completeness andoperability and pay more attention to the protection of rights and interests ofinvestors.Chapter III points out and analyzes the delisting system of listing corporation ofthe main countries and areas of the securities market outside the territory of thePeople’s Republic. And the paper analyzes the delisting standards and procedures ofthe securities market of the main countries and regions outside our country, includingthe New York stock market and the NASDAQ market in American, the London stockmarket and the AIM market in United Kingdom, the Tokyo market and the JASDAQmarket in Japan, the main board market and GEM market in Hong Kong, to show thegap improving space in delisting standards and procedures of the above securitiesmarket.Chapter IV is mainly about the perfection of the delisting system of listingcorporation in our country. The paper summarize the deficiencies about the delistingsystem of our country, and points out that the root cause in difficultly to implementthe delisting system in China is the insufficient protection of investor interests. Wediscuss the reason of strengthening investor protection and the establishment andimprovement of the investors interests protection system, and points out that theunfair rules caused by moral hazard and the relief ability of investors is weak, whichneed to increased concern for the interests of the investors in the securities marketruses, and promotes emphatically from the following two aspects: buildinginformation disclosure responsibility system and the perfect the relief system afterdelisting of investors.