Research On Exit Mechanism Of China’s GEM

The delisting system of gem, as do pioneering work board the market correction system error, processing error, its establishment, to ensure the vitality gem operation, at the same time optimization, enhance the GEM listed enterprise quality, promote the development of corporate sustainability, which is beneficial to the maintenance of the rights and interests of investors. So, the GEM market related system quality, must have the market exit mechanism. However, the gem delisting system in our country, and no attention like listing mechanism that, Our country until the middle of 2009, the delisting system related to the basic, officially confirmed, and this system is basically the same motherboard, small and medium-sized panels of the exit mechanism established, and not according to the GEM market development and form their own characteristics, so, just can realize the optimization mechanism of gem development objective in the short term, but if the long-term use, will gradually exposed problems such as false financial, the growth enterprise market of listing Corporation management, malicious harm the interests of investors can not remedy etc.The new system compared to the old system is a great improvement, including enterprise to quick delisting procedures, delisting standards related new provisions, after the withdrawal (refers to the enterprise to charge or transfer of the system), and finally the investor rights and interests maintenance system, has made the corresponding stipulation. However, gem delisting system still exist many problems, delisting system, so this paper focuses on the research of overseas mature gem, combined with the actual China, adopted recommendations relating to and suitable for the gem delisting system in China needs, and to America gem (NASDAQ), South Korea gem (KOSDAQ), British offbeat investment market (AIM), Hong kong gem (GEM) for reference, according to the market do pioneering work board the market exit, exit criteria, exit and the rights and interests of investors and maintenance etc., in contrast, a comprehensive research and analysis, to explore how to improve the exit mechanism of venture capital market in China.Do pioneering work board the market is a high risk investment market, so the lack of competitiveness, its strength is a large number of enterprises be eliminated is should. If the exit mechanism of GEM market do not have high implementation, then our country is very difficult to construct related gem effective, reasonable, feasible investment market integrity system.