Research On The Delisting System Of China's New Three Board Market

Since the 1990 s,China has successively established the board,small board,the GEM,the new board and regional equity market place,basically forming a multi-level capital market system.In the capital market system,the new three-panel market wide audience,is the basis of capital market system,mainly for its innovative,entrepreneurial,growth-oriented small and micro enterprises,and these enterprises tend to be small-scale,low income,high risk,it is precisely for this reason,the new board of many companies in the market transaction volume is less,and even the presence of a large number of "zombie companies",the reason investors both higher threshold factors,but also unreasonable trading system factors,there is a reason can not be ignored,is the new three-panel market,did not establish an effective delisting system.For the new three-panel market,"there is a carry," it should be "out there","there is a" aim is to achieve survival of the fittest,and better reflect the value of the business.We can say that there is no reasonable sound delisting mechanism can not have three new board successfully,the next number in recent years,three new board listed companies rapid growth of the market situation,if not as soon as possible to improve the relevant systems,will severely restrict the three new board functioning of the market.Three new board delisting system market should be implemented as soon as possible,a mature capital market,"in","out" mechanism should be matched to improve the market access threshold will block some enterprises,but also easy to shut out some good companies,so clear the rotten company more efficient method should be to strengthen supervision,strengthen law enforcement,especially inwell-developed delisting mechanism to prevent "zombie companies" or "shell company" long-term residence market,waste of resources,dragged the market credibility.Purpose of this paper is to present our new board market delisting system to analyze and learn from the US Nasdaq Stock Market(NASDAQ)successful experience,which made the market for our new board delisting system improvement recommendations.To achieve this purpose,the paper mainly from the four aspects: First,the concept of the new three-panel market delisting will be an overview,and to clarify its meaning.Secondly,try to analyze the current market of three new board delisting system and noted that it did not perfect.Thirdly,the US Nasdaq Stock Market(NASDAQ)delisting system analysis,summed up we can learn from the relevant legal system.Finally,improving the delisting system of the new three-panel market specific measures and recommendations through a comparative analysis and theoretical arguments.