System Of Listed Companies In China Delisting

The delisting system of China’s listed companies had a substantial change in2012, the Listing Rules and delisting program unveiled. The delisting system newlyborn adopted many scholar’s opinion. It also learned the common practice of othermature stock markets in the world in terms of delisting standards and procedures. Itcan be said that the new revised delisting system has made great progress comparedwith the past.The new delisting system immediately caught the attention of many people whenit was born. There are many commend, both good and bad. No matter what it is, theyall focus on the delisting standards and delisting procedures. Indeed, it was the corepoint of the delisting system, but others also important. Besides, the delisting systemis not isolated, but in the entire securities market system, the delisting system can notwork effectively without the help of other system.The delisting system has beenimproved now, the importance of external institutional environment is moreprominent. Therefore, this paper defines the scope of the delisting system, thenintroduce China’s delisting system, summarize the characteristics of the delistingsystem in mature foreign securities market, then give some advise to improve ourdelisting system.This paper is divided into four chapters:The first chapter is delisting system overview. This chapter first defines the scopeof delisting system, then classified the delisting based on its three characteries. Finally,explain the function of the delisting system from both micro and macro levels.The second chapter is the delisting system in world’s mature stock market.Thechapter describes the delisting system from two aspects including the design ofdelisting system and the environment delisting system running in. It get thecharacteristics by compared the delisting standards and delisting procedures of othercountries.The environment the delisting system running in is described from two partsincluding the multi-level capital market structure and more freely of the securitiesmarket.The third chapter is about the history of the delisting system,its current situationand Comments. The chapters start with a historical perspective of the evolution of thedelisting system in China. The current situation of the delisting system is briefly analysis from two parts. Analysis of the delisting system is elaborated defects of thedelisting system and analyze its reason.The fourth chapter is the improvement of China’s delisting system. Firstlyfunctional positioning the delisting system, then offer some advise from the design ofthe system and the level of implementation of the delisting system.