Research On The Delisting System Of China’s Listing Corporation

The healthy development of the securities market needs to improve the listing Corporation to do the security of the delisting system.A sound of the listed company delisting system can not only promote the sustainable development of the securities market, makes the financial market resources allocation, also can enhance the operating efficiency of listed companies, adjustment of listed company’s governance structure to make it tends to be reasonable, of course, also can be to play a important role to protect the interests of investors. China’s securities market from the establishment of so far, has made considerable progress, but compared with foreign mature capital market, there is still a big gap, the system is not very sound, delisting system construction still has long way to go. Although China’s current the promulgation of the "company law", "Securities Law" and the China Securities Regulatory Commission and the Shanghai and ShenZhen two stock exchanges of delisting system of listed company developed a number of new Provisions, these Provisions of the delisting system of our country has been relatively substantial construction, but because of China’s securities market is still in the development stage,in practice the delisting system optimization function of resources has not been fully play. 2014, the China Securities Regulatory Commission officially released the delisting opinions, which means that China’s stock market will open a new exit channel. 2015, the Twelfth National People’s Congress Standing Committee meeting decided to approve the system to register. These new regulations are not only related to the listing Corporation listed on the issue, the listing Corporation also need to make the relevant laws and regulations to adjust the relevant laws.Under the background of the reform of the registration system, this paper intends to study the listing Corporation delisting system from four aspects. The first part is mainly about the basic theory of listing Corporation delisting system, on the basis of the definition of the concept of listing Corporation in our country, the characteristics are summarized. Listing Corporation, the reasons for the delisting of the, as well as the form of delisting: active delisting and passive delisting. In the end, the paperexpounds the value of listing Corporation delisting system in optimizing the allocation of resources, improving the overall quality of the listing Corporation, and protecting the public and so on. The second part is the analysis of the current situation and problems of listing Corporation in our country. On the basis of the present situation of legislation and practice of the delisting system of listing Corporation in China, and then analyzes the existing problems of listing Corporation in our country.The third part is the comparative analysis of the withdrawal system of listing Corporation in foreign countries.System of Anglo American law system and continental law on behalf of the state of delisting system of listed companies through the introduction, summarizing the overseas delisting system of Listed Companies in the delisting standards and procedures for the similarities and differences and with our current law of delisting system for comparison, in order to provide a useful reference for China’s listed companies delisting system perfect. The fourth part is about the improvement suggestions of the listing Corporation delisting system in our country. This part of the relevant laws and regulations of the status of implementation of the delisting system of listed company and problems as the starting point,combined with the registration system, delisting opinions suggestions, concrete from three aspects to launch. The first is to establish reasonable diverse legal index. The second is to strengthen the enforcement of delisting rules, finally is to improve the relevant supporting measures related to the construction.