A Comparative Study On GEM Delisting Legal System Of China And The United States

GEM is designed for growing companies with innovative technology to provide financing services to the securities market. Compared with the motherboard market, GEM mainly serve for small and medium innovative enterprises, their independence characterized is obvious. GEM has not fully competitive, it has defects of externalities, inequality and others, but these defects are difficult to circumvent its own and eliminate the need to pass the visible hand of government only to be adjusted. Therefore, the construction of legal system with the GEM delisting mechanism must starting from the inherent defects of the growth enterprise market, through the specific system design, carry out Regulatory measures and the concept of innovation.In this paper, compared with the Chinese GEM with nasdaq market delisting standards, delisting procedures and channels of delisting rules and analysis, summed up the differences and similarities between GEM delisting legal system of China and the United States. Seeing from the similarities, the two countries, the GEM on the delisting standards and delisting procedures are carried out with scientific and reasonable segmentation. At the same time, the GEM in the regulatory rules between the two countries have adopted "the resulting phase modulation, activity union". From different point of view, the growth enterprise market of our country on the delisting standards stricter, delisting procedures are cumbersome, simplification in delisting channels.By contrast, obviously can we feel some of China’s GEM delisting system still can’t not be practical and realistic, In delisting standards, delisting procedures and delisting channels there are still many details to be improved and strengthened. On the improvement of the delisting standards, to ensure the delisting standards and the market standard synchronous coordination, it should also pay attention to realize the diversity of the number of standard and refinement, and also strengthen the practical efficacy of quality standards indeed. Perfect delisting procedures, on the one hand, pay attention to the self-discipline of the listed companies on the regulatory process guidance, highlight the regulatory role of securities trading institutions; Strengthen the delisting of composite censorship; on the other hand, at the same time pay attention to small and medium-sized organization protection of the interests of the investors. For the improvement of the channels of delisting, legal regulation for the exit channel of a unified national system, and need to strengthen the service function of intermediary organization on the exit channel.Law and the stock exchange listing rules jointly build the delisting system only can be a part to maintain the benign operation of the capital market. Remains to be further perfect the multi-level capital market construction of our country, it should take this opportunity for further develop in Third market. The company which do not meet the criteria for listing on GEM and the board may order the Third Market of financing channels, then develop and expand the scale, for well developed company can turn into a higher level of the market.