Research On The Delisting System Of Listed Companies In China Under The Background Of Registration Reform

Initial public offerings and listed companies delisting system are entry and exit of the stock market,respectively.For a long time,China's stock market shows the feature that “strict into difficult out”.The superposition between the issuance system and delisting system defects and cooperation of both of the poor directly or indirectly led to the following series of market chaos problems which in urgent need of regulation.:On stock issuance aspects,high price earnings ratio,high issue price and superb raise funds are highlighted;On stock circulation aspects,the poor performance stock speculates and market speculation culture overflow, “bad money drives out good”;On stock out aspects,the total number of delisting companies are too small,delisting is difficult. And the benefit of shell resources that brings by the stock issue verification system is the fundamental reason that the delisting system operation appears sluggish and delists with difficulty.Translating from the “strict into difficult out” to “wide into easy out” is the key to solve the market chaos.The eighteen Congress of the party three had set the tone for the stock issue registration system reform. Then the State Council also made it clear that “actively and steadily push forward the reform of stock issuing system of registration” and “perfect the delisting system”. But for the direct historical and realistic reasons that stock market positioning bias,the relevant interests subject obstacles,etc, listed companies delisting system in China exists many shortcomings and defects in the delisting means,the delisting standarda,the delisting procedures,support system and so on,can not meet with the requirements of reform of stock issuing system of registration. Re-examining and researching the listed companies delisting system in the background of registration system reform has great practical significance.Since 2012,a new round of delisting system reform has been started,there is no doubt that it has entered the deep water area of reform. And the implement of registration system is not only a challenge,but also a opportunity to the delisting system reform.This paper intends to research and analyze China's listed companies delisting system on the background of registration system reform.This article mainly divides into five chapters:the introduction,the delisting system overview,the current listed companies delisting system under the stock issue verification system,the delisting system meet the requirements of the stock issue registration system,the main problems of the construction of new delisting system.In the first chapter,the background and significance of topics and the current situation of the domestic and foreign research on the listed corporation delisting system will be elaborated detailedly.The second chapter to the fifth chapter are focuses of this article.It will start by general basic theory of delisting system,and based on a comprehensive investigation of the connotation and denotation of the delisting system and the present situation and the origin of the delisting system in China,to put forward the point of view that the delisting system reform is the objective requirement of the registration system.Then analyzing and conceiving the goal,method and path of the current delisting system reform and perfection.The full paper of the final summing up,and moderately prospect the foreground of listed corporations delisting system reform under the registration system reform.