Research On The Stock Trading Halts System Of Chinese Listed Companies

The stock trading halts system of listed companies is an organic part of securities supervision.Which intention is to reduce the degree of information unbalance,and to give the majority of minority investors enough time for adjusting trading strategies.However,in recent years,the phenomenon of “abuse of trading halts of trading” in mainland listed companies has occurred.For example,during the stock market crash in 2015,half of whole mainland listed companies choosed trading halt to avoid stock price declines to prevent large shareholders from pleasing and closing positions;for example,in the acquisition and anti-acquisition,the target company will suspend trading as a means of resisting acquisitions;and so on.Abuse trading halts had destruction of the order of securities trading and the violation of investor rights,has seriously affected the image of the mainland securities market and the interests of investors.Therefore,the listed companies is in urgent need of rectification,and the protection of the interests of small and medium investors is an urgent task.This paper conceding on the protection of small and medium-sized investor's rights,and combines relevant statistical data to conduct research on the stock trading halts system of listed companies in China.Excluding the abstract and the conclusion,this article is divided into the following structure:The first part is an introduction that outlines the research background and the significance of the topic.This paper summarizes the research results of domestic and foreign scholars on the stock trading halts system of listed companies,and briefly introduces the research methods and innovations of this paper.The second part is the theoretical basis of the stock trading halts system and the protection of investor rights of listed companies.Firstly,the concept of stock trading halts of listed companies and the concept of small and medium-sized investors in listed companies is defined.Then,the stock trading halts is classified according to different classification reasons,and point the research value.The third part is the investigation of the stock trading halts system of overseas listed companies.By introducing the types of trading halts systems in overseas capital markets,the reasons for trading halts of trading,etc.,we will further understand the trading halts system and summarize and contrast the trading halts system at home and abroad.Absorption can be used for reference.The fourth part is the practice and system exploration of China's trading halts system.It lists the major asset restructuring trading halts practice,other trading halts practices,and the abuse of trading halts of listed companies.The paper analyzes the problems existing in the analysis of trading halts practice from the perspective of investment protection and analyzes the abuse of trading halts.Situation,cause,hazard,etc.Next,we reviewed the evolution of China's trading halts system,listed the details of the trading halts and resumption of the card,and compare ineffective rules to new trading halts in 2018.The Shanghai and Shenzhen exchanges were compared and the operational results were divided into preliminary statistics.Affirmed the effectiveness of the new regulations and pointed out some shortcomings.The fifth part focuses on investor protection.From the three stages of legislation,law enforcement and justice,we give some relevant suggestions on improve the trading halts system of China.