The Study On Delisting Mechanism Research Based On ST Shares

The healthy development of the securities markets is the prerequisite for theChinese capital market, and even the whole national economic developing health andrapid.How to establish and perfect the delisting system, and then improve thedelisting mechanism, is the important topic to improve three-dimensional capitalmarket construction. This paper firstly introduces the history of delisting standardsof listed companies in our country and the background of the establishment of the STsystem, then analyzes the delisting mechanism in domestic and foreign advancedexperience and finds the enlightenment to perfect the delisting mechanism of china,analysis the influence of the Imperfect delisting mechanism on Chinese capitalmarket in the industry development, choose typical delisting case to analysis, Finally,improves the countermeasures and suggestions improve our delisting mechanismfrom the market, enterprises and technical level.This paper adopts the following methods:(1)The literature research method, thefirst chapter and the second chapter through investigating the related literatures toget present situation about the delisting mechanism at home and abroad. This is tounderstand the research status of the delisting mechanism at home and abroadcorrectly.(2)Method of comparative analysis, by comparing delisting regulations anddelisting standards in domestic and foreign developed stock market in the secondpart, lying a good foundation to put forward policy recommendations improving ourdelisting mechanism and improve the delisting level in the fifth part (3) Caseanalysis, which is mainly reflected in the fourth part, this part selects cases of STshares to analysis to make the article more substantial. The specific content of eachpart is as follows:The first chapter summarizes the motives, purposes, scopes and approaches ofthis study.it reviews the research status at home and abroad about the delistingmechanism of listed companies, as well as the research ideas and the possibleinnovations.The second chapter analyzes current situations and development history of listing delisting mechanism of enterprises for the overseas mature markets and theShanghai and Shenzhen Stock Exchange. The overseas mature markets includeAmerican NASDAQ Stock Exchange, London Stock Exchange and Hong KongStock Exchange, then sums up the experience to perfect delisting mechanism for usto learn.The third chapter analysis the efficiency of delisting mechanism of ST shares tothe capital market, Including lowering the allocation function of market, hinderingthe industry development; Damaging the price discovery function of the stockmarket, losing the investment function; Damaging the idea of value investment,increasing the risk of stock market; Breeding insider trading, weakening stockmarket investment function, then finds the necessity to perfect the delistingmechanism of ST shares.The fourth chapter analysis the cases of ST shares in the delisting mechanism,such as*ST Yan Huang which is too defective to withdraw from the market and themerger by absorption of active delisting between*ST Shanghai Airlines and STEastern Airlines, summary the reason and proportion of listed ST shares in thedelisting system of China enterprises which withdraw from the market, and providemacro reference for perfecting the delisting mechanism.Based on the above analysis, the fifth chapter improve policy recommendationsto improve the ST shares delisting mechanism of Chinese stock market from themarket, the enterprise and the technical level, including correcting function ofsecurities market, deepening the system reform; deepening the split share structurereform, reducing the cost of delisting of listed companies; improving the delistingprocedures, improving and refining the delisting standards etc..