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

In recent years,China's economy has become increasingly important in the world economy.China as a rare large-scale capital market in the world,whose development will directly affect the direction of the industry.Stocks as the most traditional trading products in the securities market,the stock issuance and stock delisting of listed companies are the key factors to balance the equity and efficiency of a country's securities industry.If the stock is compared to a product,the stock issuance system and the delisting system are equivalent to the entire process of product leaving the factory.The two must cooperate with each other to ensure the quality of market active factors and really stimulate the leverage of funds.Due to the short history of China's securities development,China's stock market has a long-standing problem of inconsistency.The disconnection between the issuance system and the delisting system has caused companies with listing capabilities to wait for long queues,lack of motivation for development of the stock market,and poor currency to drive out good currency have highlighted the urgency of delisting.China's long-term issuance approval system sets a very high threshold for listing,and the shell company has become a hot resource,then the delisting has become a cry on paper.To solve this problem,we must reconstruct our country's legal environment.With the efforts of the legal community and the financial community,the Third Plenary Session of the 18 th CPC Central Committee proposed to develop the stock issuance registration system and relax the administrative review to reduce the difficulty of listing the company.The change will be gradually implemented and implemented in practice,which will open up a broad road for the securities industry at the entrance.Therefore,the delisting system that is inseparable from the perfection and issuance system must also be put on the agenda.China's current deregulation laws and regulations are not detailed or rigorous in terms of delisting standards,delisting process,and delisting leading institutions.The loose delisting framework lacks market deterrence,and it is even unable to cooperate with the follow-up of the stock issuance registration system.However,under the opportunity of the reform of the issuance system,it is also an opportunity for the reform of the delisting system.Finding the linkage between the two can reduce the unnecessary administrative steps of both parties and improve the efficiency while implementing the principle of good faith.Therefore,this article intends to explore better legal environment for the survival of listed companies under the opportunity of the two common reforms,and to contribute a small amount of power for the introduction of the new securities law.This article is divided into the introduction of the introduction of the reform,the registration system reform and the listed company delisting overview,the status quo and the problem analysis of the compulsory delisting system of listed companies in China,the comparison of the compulsory delisting system of overseas securities exchanges and the delisting of the adaptive registration system.There are five chapters to thinking about the system.The first chapter mainly analyzes the current domestic and international research status of selected topics,then puts forward their own possible innovations,and lists their own thesis writing plans.The focus of this article is on the second chapter to the fifth chapter.In the previous analysis of the registration system reform,the author explores the relevance of its influence on the delisting system,and then analyzes the defects in the system of delisting in China through the typical case of mandatory delisting,comprehensively examine the operating modes of the mature markets outside the region,rationalize what is a good system for the securities market,and predict the small goals that the reform of the delisting system may achieve.To improve the design of this system and operational solution,the author will give his own shallow views and suggestions.