Research On The Delisting Legal System Of Growth Enterprise Market Listed Companies In China

The delisting legal system of China Growth Enterprise Market listed companies is the key system to ensure the efficiency of resource allocation and the normal operation of the market.In recent years,China has repeatedly optimized the basic system of the securities market,especially the revision of the delisting legal system last year,which shows that the supervisory authorities have finally decided to solve the delisting problem thoroughly before the promotion of the registration system.As a key step in the reform of the registration system,the delisting legal system still lags behind the delisting standards of mature markets with good operation outside the country.In the context of the pilot registration system and the most stringent delisting standard in history,China Growth Enterprise Market should also improve its delisting legal system as soon as possible.This paper combs the development of delisting legal system of listed companies on the China Growth Enterprise Market,and combines with the comparison and analysis of similar mature systems abroad,discusses the main problems existing in the delisting legal system of listed companies on the China Growth Enterprise Market,and puts forward corresponding suggestions for its improvement.This paper consists of four chapters:Chapter 1 is a general introduction to the delisting legal system of GEM listed companies.It introduces the basic definitions of GEM and delisting(active delisting and passive delisting),and why the delisting legal system is so important for GEM market.This system is of great significance to listed companies?small and medium investors and the whole market.Chapter ?,the development history of the laws and regulations of the China Growth Enterprise Market,as well as the existing problems.This part combs the historical evolution of the system development in China,and also focuses on the latest developments in the reform of the China Growth Enterprise Market delisting legal system,and leads to the following: after many reforms,the delisting legal system still has several problems,such as procedure,entity,supervision and so on.At the same time,this chapter focuses on discussing the net number of entity indicators in the delisting legal system of Listed Companies in the GEM market,and also discusses the problems in the supervision of the delisting legal system of Listed Companies in the GEM market and the protection of investors.The third chapter compares the China Growth Enterprise Market with Nasdaq(the most successful GEM market in the world)and the newly established science and technology innovation board in China,and evaluates the delisting system of GEM in mature securities market.Explain why delisting legal system is so important to the reform of registration system,and summarize the reform direction of delisting legal system of the China Growth Enterprise Market from the delisting legal system of Nasdaq and technology innovation board in China.Chapter ? puts forward some suggestions on the revision of the delisting legal system of the China Growth Enterprise Market,and discusses the reform direction from the aspects of substantive delisting criteria,delisting decision power,supervision enforcement and investor protection.This paper proposes that the delisting legal system of the China Growth Enterprise Market should fully consider the characteristics of the China Growth Enterprise Market listed companies,not only the degrading of the main board standards.