Research On Legal Regulation Of Compulsory Delisting Of Listed Companies

The compulsory delisting system of listed companies is one of the basic systems of the securities market.Under the background of promoting the reform of the registration system in our country,it is particularly important to establish and perfect a strict delisting mechanism.Since the establishment of the scientific research board and the approval of the overall implementation plan of the pilot registration system at the beginning of this year,a new round of delisting system reform has begun,and it is undoubtedly entering the deep water and crucial areas of reform.Therefore,it is urgent to perfect and perfect the compulsory delisting system.However,there are still some problems in the compulsory delisting system in our country,such as there is room for evading the delisting standards,the flexibility of delisting procedures,the difficulty of coordination among multi-level markets after delisting,and the insufficient protection of investors' interests.This article takes the case as the breakthrough point,through the analysis of the theory and current situation of the compulsory delisting system,clarifies the shortcomings and difficulties of the current compulsory delisting system,and draws lessons from the experience of foreign mature securities markets,and puts forward suggestions on the improvement of China's compulsory delisting system.The structure of this article is as follows:The first part is the introduction,which mainly introduces the research background and significance of the topic,the research status quo of the compulsory delisting system by domestic scholars and the research methods of the paper.The second part is the basic situation of the case,analyzing the typical cases of forced delisting based on the case,punishment results and the focus of controversy.The third part is legal analysis,mainly from the concept,legal basis and registration system of compulsory delisting system in China.By comparing the advantages and disadvantages of the approval system and the registration system,this paper discusses the importance of establishing a strict compulsory delisting system for the reform of the registration system.The fourth part introduces several successful stock exchanges,including the New York Stock Exchange,Nasdaq Stock Exchange and Hong Kong Stock Exchange,covering the decision-making power of delisting,delisting standards and procedures,stock circulation trading after delisting and the protection of small and medium-sized investors.The fifth part analyzes the problems existing in China's compulsory delisting system based on the three cases of Changsheng Biology,Kunming Machine Tool and Xintai Electric.The specific manifestations are that there is room for evasion of delisting standards,flexibility in delisting procedures,problems in the construction of multi-level market system and the lack of interest protection system for small and medium-sized investors.The sixth part is about suggestions for improvement,focusing on the current situation and characteristics of the development of China's securities market,and putting forward several suggestions for improvement by drawing on the successful experience of mature securities markets.