Perfection Of Delisting System Of Stock Market

This paper adopts literature reading,case analysis and other research methods.Based on modern contract theory,stock market function theory,and financial risk theory,it analyzes the case of the exit of the "problem vaccine" of longevity organisms that caused a sensation in 2018.Case analysis shows that:Evergreen organisms have been forced to leave the market because of illegal disclosure of information,fraud problems,and public safety.This mechanism is conducive to the development of capital markets and protects social fairness and justice.At the same time,however,it has also revealed a number of problems,such as the insufficient connection between compulsory delisting and the listing system,the lack of clarity in the regulations on the liability of relevant stakeholders,the existence of flaws in the provisions on active delisting,and the fact that endangering public safety has not become a necessary condition for delisting.The paper then analyzes the problems of exit mechanism of stock market and the causes of harm.The research of this paper holds that the emergence of the vaccine problem reveals the problems of stock market exit in China.How to realize the independent and compulsory delisting of enterprises has become a problem that must be solved.Under the background of relevant laws and regulations,it has promoted the further development of China’s stock market delisting theory.At the same time,this article aims at the problems that have emerged.Finally,according to the problems,the author puts forward the improvement of the stock market exit mechanism from the aspects of forming the effective link between the compulsory delisting and the listing system,refining the rules and regulations on the liability of relevant stakeholders,improving the provisions of the active delisting regulations,and making public safety a necessary condition for delisting.