Study On Mandatory Delisting Reasons Of Bo Yuan

In mature foreign stock market,delisting is a very common corporate development strategy.However,due to the special nature of China's capital market and delisting system is imperfect,this phenomenon is not common in China's stock market.As China's stock market lack of listing eligibility and conditions are cumbersome,many companies in order to save time and reduce costs,are invariably choose the way of merge and reorganize to achieve the purpose of listing.Which also led to many of our listed companies facing delisting will use the system defects to avoid delisting.Before the implementation of the "delisting opinion",there is no listed company forced delisting because of illegal information disclosure.Therefore,it is necessary to study the first company which delist because of disclose the illegal listing among listed companies in China's stock market.In this paper,use the literature research method and case analysis method,treat Bo Yuan investment as a research object.First of all,analyzes the overall factors of Bo Yuan delisting.Listed 25 years after the rotation of four controlling shareholders,through renaming reorganization to maintain its status as a listed company,you can see the existence of capital market flaws and investors can't rationally look at the issue of delisting.Secondly,it analyzes the direct cause of Bo Yuan investment delisting.Bo Yuan investment in order to hide the fact that the share reform funds are not fulfilled in place,illegal disclosure,do not disclose important information,forged,altered financial tickets.The above illegal acts are the direct cause of its delisting.Finally,analyzes the root cause of Bo Yuan investment delisting.Main business changes frequently,unsustainable development of its business situation in trouble can't be improved,it is Bo Yuan investment forced to withdraw from the root causes.On the basis of the above three issues in-depth analysis,summed up the listed companies should be rational to look at the listing and delisting problem,and in the course of business carefully change the company's main business.Small and medium investors should also be rational to look at investment issues.At the same time strengthen the functions of the regulatory authorities,strict "backdoor" restructuring conditions.Through the case study of the reasons for the compulsory delisting of Bo Yuan investment,it can help the stakeholders of listed companies,small and medium investors and regulators to make rational and correct judgments,the impact of delisting on China's capital market,delisting system Perfect and development have a certain theoretical significance.