Delisting Mechanism,Earnings Management And Resource Mismatch

Securities market is the product of market economy,which plays an important role in the rational allocation of resources,economic development and the improvement of national income.Delisting mechanism,as an important part of the construction of the securities market system,plays a role in screening the quality of listed companies,controlling the risks of the securities market and ensuring the prosperity of the securities market.Compared with mature foreign markets,China's delisting standards and procedures are not perfect,leaving a lot of room for listed companies to avoid delisting through earnings management,resulting in the long-term existence of a large number of low-quality companies,wasting scarce social resources,creating a strong market speculation atmosphere,and affecting the healthy development of the securities market.This paper adopts the method of combining literature research and case analysis.Firstly,relevant literature and theoretical basis of the mechanism of delisting,earnings management and resource allocation are sorted out,in the part,the paper compares and analyzes the differences between Chinese and American securities markets in delisting mechanism and delisting mechanism implementation effect.Then,select a representative sample of*ST Xi Yi company case analysis,analyzes the enterprise use of related party transactions,debt restructuring,asset impairment loss,government subsidies and other means of earnings management,avoid delisting mechanism,to complete the process of "shell" motivation,with "pocket" phenomenon and points out that the*ST Xi Yi,for the existence of the company is not to reveal our country listed company how to use the delisting mechanism imperfect spending the surplus management,weakened the delisting mechanism to identify the function of the quality of listed companies,the market resources waste and mismatch;In the end,combined with case analysis,this paper summarizes the problems existing in China's delisting mechanism and puts forward relevant Suggestions.The research results show that there are many areas to be improved in China's delisting mechanism.This paper comes to the following conclusions:first,China's previous delisting system has not fully played its function of survival of the fittest;Secondly,the non-deduction principle included in the delisting system is helpful to identify the low-performing companies;Finally,China's securities market has resource mismatch.Therefore,this paper puts forward the following three Suggestions:first,improve the relevant system of securities market supervision,and establish an effective external supervision system;Second,implement the registration system reform;Third,give play to the supervisory role of the market mechanism.