Legal System Of Listed Companies Delisting

With the legality and standardization of Chinese stock market, the withdraw law system of listed company is increasingly being attached important to. The withdraw law system is necessary for the development of the securities market, especially, in consideration of the optimum resource allocation function of market; it is also the requirement of the principle of "survival of the fittest" in the market; furthermore, The withdraw law system will exert pressure on the listed companies to help bettering the corporate governance, in turn, to improve the quality of listed companies as a whole.In April,2001, Shanghai Stock Exchange formally declared the PT Daffodil’s exit from the stock market. It is the first company ever exiting from the security market, which marks the formal start-up of exit mechanism of listed companies in our country. Compared to maturing security markets, current legislation on exit of the listed companies of our country is not optimistic. The thesis mainly discusses and researches a series of withdraw law system of listed company to put forward reasonable suggestions suitable for our country.Besides the foreword and epilogue, the article consists of four main parts:In part one, it mainly introduces the fundamental theory of the withdraw law system of listed company. Giving the concept of it, it points out three values of the law:Equality, Order and Efficiency. The author also relates the important of better legislation on exit of the listed companies.Part Two researches the withdraw law system of listed company of foreign countries and districts including America, Japan and Hong Kong district in China and gets many benefic remarks for building our own stock market. As a result, we found that improvement of a developed stock market must emphasis on the withdraw law system of listed company in order to make it play an essence role in stock market, at the same time, we must pay attention to the legal related issues of the withdraw law system.Part three discusses the development process and problems of the withdraw law system of listed company. Through the observation of historical development to withdraw law system of listed company in china, we point out the basic barriers of withdraw of listed company at last.Part four brings forward the imagination for the withdraw law system of listed company. We give a lot of advices to improve the withdraw law system of listed company and some responding accessorily measures.