Research On The Rationality Of The Delisting Criteria For Listed Companies In My Country

Delisting system is a basic system of the stock exchange market.The maturity of the capital market can be seen from the operation of delisting system.Effective delisting system can stimulate the market vitality,improve the overall quality of listed companies,weaken the speculative atmosphere,and contribute to the formation of the survival of the fittest market mechanism.As an important part of the delisting system,whether the delisting standard is reasonable will inevitably affect the implementation effect of the delisting system.After the 2012 edition of the stock listing rules was revised and improved substantially,the number of delisting companies in China's stock market still did not increase significantly,indicating that there are still many unreasonable points in the current delisting standards.This paper first reviews the development process of the delisting system between China and the United States,summarizes the current delisting standards and the implementation effect of the delisting system,the reasons for delisting,the delisting standards faced by the same type of listed companies,and the delisting standards.In terms of diversity and enforceability,qualitative analysis has drawn the differences and characteristics between the two countries' delisting standards.First of all,the reasons for delisting from listed companies can be found that the US stock market delisting standards focus on market trading indicators,while China's delisting standards pay more attention to financial indicators,but after joining the market trading indicators,they no longer emphasize financials as in the past.Class indicators,delisting standards are more reasonable.However,companies that are listed on the net profit standard face huge deviating standards in China and the United States.After comparison,they can find that the delisting standards set by China's stock market are too loose.Secondly,from the comparison of the diversification standards,it can be found that the reason why US stocks have multiple sets of delisting standards is because there are different listing standards to choose from.In contrast,China's listed companies can be considered as net profits.Standards are listed,so only one set of current delisting standards is reasonable.From the comparison of the enforceability of delisting standards,it can be seen that US stocks can basically achieve “one-touch”,and the delisting of listed companies in China requires a long period of time.Even if the delisting standards are more and more perfect,their rationality is also Will be questioned due to lengthy delisting procedures.Then in the empirical analysis,using the principal component analysis method and the T-test and other statistical analysis methods,the empirically test the net profit standard and the net asset standard that are often touched in the current delisting standard,and analyze its rationality.Since China's listed companies generally use non-recurring gains and losses to adjust their performance,when the delisting risk warning is revoked,it is unreasonable to only examine the net profit.The empirical test results also show that the use of net profit indicators that deduct non-recurring gains and losses can Identify companies with poor performance more effectively.The lengthy delisting procedures,lack of marketization and insufficient legalization have made it possible for China's stock market to allow insolvent listed companies.Obviously this is unreasonable.An empirical analysis of the net asset value per share confirms that the net asset indicator can effectively identify the poor performing company,but the current net asset standard is too loose.After the above analysis,this paper puts forward some Suggestions: add "the net profit before and after deducting non-profits" into the whole delisting process,and require listed companies with negative net assets to delist directly;After the delisting is normalized,the net profit index will be deleted and a stricter net asset standard will be established.Shorten the delisting procedure,once the listed company touches the delisting standard,it should be delisted as soon as possible;After the reform of the review mechanism of future issuance,the corresponding delisting standards will be added for the companies listed under different standards.