Problems And Countermeasures Of Listed Companies' Delisting Mechanism

Since the Shanghai stock exchange set up in the late 20 th century, Chinese securities market has experienced a scratch, gradually developing and perfecting process. Delisting system of listed companies in our country has a high starting point,developing rapidly, and the core of the delisting system is special processing mechanism, which is based on the background and characteristic of capital market in China when it set up. After 20 years development, our country securities market has made great achievements, however, compared with foreign mature capital markets,there is still a big gap. Because the time of Chinese stock market development is shorter, the supporting system construction is still not complete, and the delisting system of listed companies is relatively weak link. Chinese stock market has been existed the problem of delisting difficulty, filled with a large number of low quality,garbage shares, leading to the waste of resources extremely, affect the healthy development of securities market in our country, seriously damage the interests of the investors. As a part of the market supervision system, Delisting mechanism should play important roles in promoting the capital market to optimize the allocation of resources, improving the quality of listed companies, and advancing economic development. Therefore, studding the problems of the delisting mechanism will have great significance for the healthy development of securities market.This article selects the 2007-2013 A-share manufacturing ST companies of the Shanghai stock exchange and shenzhen stock exchange as samples, studying the dynamic tracking performance after special processing of the ST enterprise, analyzing the delisting mechanism effect of listed companies, to find out the problem of delisting mechanism, and then introducing mature capital markets experience to find out which can be used for reference through comparing delisting mechanism at home and abroad, on the basis of which puts forward countermeasures of perfecting our country's delisting mechanism. Only if Chinese scholars conduct the thorough research to the delisting mechanism, can help maintain the stability of the securities market in our country, promote the development of the national economy, improve the efficiency of economic operation, and protect investors' rights and interests.The research results show that on the one hand, compared with the mature capital market, the quantity standards of delisting system is manipulated easily, the non-numerical standards have less regulation and more obscure, and the delistingmechanism of abroad pays more attention to the requirement of continuous operation ability of listed companies. On other hand, through the analysis of the ST companies,most of them are the inferior enterprises, which have not continuous operation ability and take advantage of the features of system vulnerability to avoid delisting by reports of recombination, government subsidies, the affiliated party transactions and other short-term behavior, but their performance fell again after the revocation of ST.The delisting mechanism do not push them to improve operating performance of listed companies, also not to kick low quality company out effectively, has not been able to achieve the goal of evolution, improve the quality of listed companies. This will bring the relevant departments to formulate more perfect delisting legal regulations, and provide reference for investors' rational investment.