Studying For The Perfection Of Compulsory Delisting System Of Listed Companies

Based on the February 7,2014,the securities and futures commission released on "the reforming and improving and strictly implementing the several opinions of the delisting system of listed companies"(107th order)regulation,the so-called delisting of listed companies refers to the "company shares listed on the stock exchange to terminate trade",generally,that is called " delisted".This is a special term.The Generalization of delisting is not only refers to the shares in the stock exchange of delisting,also refers to the stock exchange traded funds,bonds,securities such as depositary receipts of delisting.And according to the regulations of the classification of the several opinions,delisting of listed company is divided into active delisting and compulsory delisting.In this paper,considering whole the purpose of,take stock of compulsory delisting of listed companies as the research object,analyzes the relevant system at home and abroad.The paper is divided into four chapters:The first chapter is the introduction part,is a comprehensive overview of the full text mainly introduced the research background,significance and literature review articles and innovation.First is against the law revision and implementation of the stock "registration" under the background,the delisting system of listed company as one of the important link,the problem is not allow to ignore,and the introduction of case,the point with "Bo Yuan Investment" case raises the necessity and urgency of delisting system reform.Followed by literature review,which contains the sorting,and collecting of literature at home and abroad and the foreign research status were reviewed.The second chapter is mainly on the analysis of the legal system of our country listed company delisting.The second chapter is mainly on the analysis of the legal system of our country listed company delisting.The first is to the four stages of the delisting system of listed companies in our country are analyzed in detail,mainly for the author analyses the various stages of the law and regulations.Followed by compulsory delisting system of listed companies in China are analyzed,including the delisting procedures and delisting standards,especially for new laws and regulations to carry on the induction summary and evaluation.The third chapter is comparative study section of this article.Mainly to foreign mature securities markets forced the delisting system of listed companies procedures and standards summarizes and comments.Delisting rules mainly involve the United States,the New York stock exchange,the Tokyo stock exchange rules,emerging developing countries,India’s delisting regulations and the provisions of the stock exchange of Hong Kong area as the object of discussion.The fourth chapter is about the improvement of the system of compulsory delisting of listed companies.First is the discussion of the regulatory issues,the regulatory role of the securities and futures commission and for the perfection of regulation;Followed by the listed companies in China compulsory measures for perfecting the delisting standards and procedures,including the new "Securities Law" the draft of the revised evaluation and improvement Suggestions,included in the new "Securities Law" the draft of the revised evaluation and improvement Suggestions;Finally is the "securities law" legislation aims to protect the interests of the investors question has carried on the consummation.In our country compulsory delisting overview of the current legislation and law enforcement of the public investors protection,and executives of the company involved is important to this paper argues that the responsibility of information disclosure in the process of recovery,delisting and lawsuit mechanism of shareholders to exchange these three problems are the perfect Suggestions.In this paper,through the comparison research of foreign listed company delisting system are analyzed,to draw lessons from some of the delisting system or strategy method,and hope to apply in domestic securities delisting system to make up for the shortage.Despite the delisting of listed companies in our country has yet to reach a perfect legal system,but the basic framework is formed,in the process of securities reform entered a new stage,the reform of the delisting system as one of the important link,should be the key research.By analyzing the case of delisting "Bo Yuan Investment" in the compulsory delisting system of listed companies at home and abroad related problems were discussed on the basis of reference to the United States,Japan,India and Hong Kong area of delisting system and regulation,and combined with the current stock market in China compulsory delisting rules,put forward the improvement of the delisting system of listed companies in our country.This paper put forward three points of innovation,first is based on the new securities law,the new listed company delisting rules for reference,a simple analysis was carried out on the delisting mechanism;second is that introduced the Indian Stock Exchange part of the delisting system and rules of domestic emerging countries listed company delisting system research as a supplement;third is to use the latest data and auxiliary materials in this paper to analyze the delisting system of listed companies.