Study On The Compulsory Delisting System Of GEM In China

In 2009,GEM set up and began trading in Shenzhen Stock Exchange,providing financing platform for high growth SMEs,which has become an important part of China's multi-level capital market.However,under the influence of the traditional idea of "focusing on listing and ignoring delisting",gem delisting is difficult and the low delisting rate has become the focus of attention,which affects the efficiency of market resource allocation and leads to the decline of the quality of the stock market.In June 2019,the science and technology innovation board was officially established.As an exploratory reform "experimental field",it has made significant institutional innovation in the delisting system.In March 2020,the new securities law came into effect,requiring the full implementation of the registration system and the establishment of a strict delisting supporting mechanism.Therefore,under such a background,the author takes the compulsory delisting system in the GEM market as a research topic,analyzes the current situation of gem development in China by comparing the delisting system in the overseas gem market,and puts forward suggestions for improving the delisting system in the GEM market in China on the basis of the new securities law.This paper is divided into five parts: the first part is the introduction,which mainly describes the background of this topic and the significance of the research,and explains the operation and delisting of gem from a macro perspective.In recent years,many scholars on delisting system research focus,academic achievements are summarized and combed.The second part is the overview of gem exit mechanism.This paper introduces the connotation of gem and forced delisting system,and analyzes the theoretical basis and significance of forced delisting.The third part is the introduction of the current situation of China's gem forced delisting.This paper analyzes the relevant laws and regulations over the years from the aspects of delisting standards,delisting procedures,delisting channels,delisting supervision system and investor rights and interests protection,and explains the existing problems.Finally,the gem is compared with the main board and the science and technology innovation board market delisting system,in order to provide reference for the GEM market system construction.The fourth part is the introduction of compulsory delisting system in Nasdaq market.This paper analyzes the delisting systems and discusses the reasons for the successful operation of the delisting mechanism in the United States.In the fifth part,based on the experience of delisting in foreign mature securities market and the analysis of the newly issued laws in China,some suggestions are put forward for the compulsory delisting system of gem in China.Through the comprehensive analysis and Research on delisting,under the current securities market environment in China,it is suggested to improve the relevant laws and regulations on delisting,establish and improve delisting procedures and supervision system,construct multi-level delisting channels,strengthen the relief and protection of small and medium-sized investors and other measures to seek a healthy,efficient and dynamic capital market.