Research On Delisting System Of Listed Companies In China's Main Board Market

The orderly development of China's main board securities market is based on a complete delisting system,which is also a necessary condition for the securities market to modernize and promote the reform of China's stock issuance registration system.From its establishment to today,the securities market has experienced considerable development.However,compared with the mature securities market,China's securities market still has a long way to go and various regulations are not very perfect.Therefore,further construction of the delisting system in China's securities market still has a long way to go.This paper analyzes the delisting system the establishment of China's main board securities market from a vertical perspective,and analyzes the delisting regulations of foreign mature main board securities market horizontally.After analysis,it can summarize the defects of the delisting system of listed companies in China's current main board market.Defects in three major areas: entity standards,procedural standards,and inadequate supervision.There are some problems in entity standard,such as quantitative standard is easy to be manipulated,non-quantitative index is general and evasive behavior is serious.In terms of procedural standards,there are some problems,such as quantitative indicators do not play a substantial role,non-quantitative indicators are difficult to manipulate in practice,and "hype" phenomenon affects delisting function.In the aspect of supervision,the law enforcement is not strong enough,the decision right of delisting is not standardized,the concept of local government "guarantee" is bound,and the scope of financial supervision is narrow.From the implementation effect of China's new regulations,we can find that the implementation effect of the new regulations in China has not reached the ideal state.Therefore,based on the mature main board securities market and the experience of accumulating the main board securities market in China,this paper gives several improvement measures.First,in terms of entity standards,adopt diversified and differentiated delisting indicators,and improve the identification of major illegal indicators.Secondly,in terms of procedural standards,it is recommended to set up a variety of examination mechanisms to further improve the city's risk warnings,curb speculation,and improve the current problems in the “wearing caps” and “capping caps” in the Chinese market.Finally,in terms of supervision,it is recommended to strengthen the supervision of fraud,restructuring,information disclosure,intermediaries and other aspects,play the role of the exchange and expand the scope of supervision.