The Research Of Listed Company Delisting Compensation System In China

Because the delisting of listed companies has wide influence surface, the largest number of investors and caused huge losses, so the protection of investor rights and interests of the listed company delisting. Mainly retail securities market in China as the main body, the vast number of small and medium-sized investors is the main investors in the securities market, at the same time in terms of money, information channel and relatively weak. Continuous loss of listed companies in our country and the city’s case, a considerable part is caused by empty insider control and big shareholders of listed companies, small and medium-sized investors on the company’s management and decision making are often in a helpless and helpless position, not only should bear the risk of market price, but also an additional improper management risk and financial risk of false. In order to effectively protect the legitimate rights and interests of small and medium-sized investors, to form a complete set of system design and arrangement, the current to speed up to establish the stock market investor compensation fund system.Delisting system of the core is to protect the interests of small and medium-sized investors, regulators should introduce delisting accountability compensation mechanism as soon as possible, which does not meet the requirements for the listed companies make timely and orderly retreat city, the source from the stock market will ensure the quality of listed companies, let value investment have solid foundation, to speed up the establishment conforms to the market economy development request, delisting of listed company compensation system with Chinese characteristics, improve the overall quality of listed companies, formed into eliminating the dynamic balance of the market competition. To achieve this goal, we must in the existing delisting system, established a special securities investor protection fund, the system of compensation fund, etc. This distation will be divided into four parts:the first part, is the introduction, describes the research background, significance and the goal of paper. The second partis the basic theory, introduces the connotation of the delisting system of listed companies, the development of the delisting system of listed companies in China and the existing problems, and raises the necessity of establish the delisting system of listed companies in our country. The third part is case analysis and presentation, mainly introduced this year Wan Fushengke investors lost cases caused by false statement behavior, created the a-share market since its establishment investors lost by the sponsor to pay first to recover from the related responsibility, is China’s capital market using market-based mechanisms to compensate investors lost, take the first step to promote the establishment of the multiple compensation mechanism has made an important discovery. The fourth part, mainly introduced the basic experience of foreign mature securities market, equity fund system, especially the United States, is worth us to learn from. The fifth part, is the suggestion and conclusion, proposed our country listed company to establish preliminary ideas and Suggestions of delisting compensation system, the compensation fund as an important supplement of protection fund, further clarify the conditions and scope of compensation, the standard, as well as the sources of compensation funds, use and payment, the compensation fund system has strong operability.