The Improvement And Empirical Analysis Of The Standard Evaluation Method For Delisting Of Chinese Listed Companies

China's securities market was formally established in 1990.Compared with the mature capital market in western developed countries,it started relatively late.The company law promulgated in 1993 clearly proposed the delisting standard of listed companies for the first time from the legal level,and the delisting system began to sprout in China's stock market.Since the establishment of China's securities market,there has been a problem of low delisting rate.So far,A total of 113 listed shares in the a-share market have been delisted,and the delisted rate is only 0.38%,far lower than the average standard of foreign mature capital markets.According to statistics,since the establishment of the delisting system in 2001,among the 571*ST companies that have been specially treated,there are as many as 523 that have successfully picked stars to protect the market,and the star picking rate is as high as 91.59%[[]data source:guotai'an database]].Most*ST companies that face the risk of delisting can always"skillfully" choose accounting policies,use related transactions,use earnings management and other financial means such as non-recurring profit and loss window-dressing statements to turn a loss into a profit and survive,so as to maintain the listing qualification and avoid delisting."The stock market does not die" has become a long-standing phenomenon in China's stock market.The above phenomenon shows that the current delisting mechanism in China's securities market is weak in controlling capacity,and the exit mechanism of listed companies is inefficient,leaving loopholes for listed companies with poor performance to exploit institutional loopholes at the regulatory level and the management level of listed companies.Moreover,the rectification period left by the current delisting procedure for the loss-making company is too short.Under the strict delisting system,it is difficult for the company to improve its performance and achieve profits in a short term.Therefore,there is a strong motivation for earnings management.Combing a-share delisting reasons of 113 private companies,found that nearly 60%of the company due to fraud issue,major,major illegal information disclosure illegal illegal activities such as forced to retreat city,in addition to part company with the audit unit with no comments on the audit report issued by delisting processing,only A handful of companies by special processing after continuing losses are delisting processing of the securities market,which reflects the current our country securities market delisting standards worth exploring.In order to maintain the stable operation of the securities market and the sound development trend of the securities market,it is urgent to improve the exit criteria of listed companies in China's securities market and explore scientific and reasonable evaluation methods.In this paper,based on the fraud triangle theory of ST company's earnings management motivation analysis,using the modified Jones model,the manufacturing industry from 2003 to 2018 by special processing 308 ST companies as the sample group,using stata.15 to return,the modified Jones model parameters and calculate the degree of earnings management,validation of ST company after a loss,in order to achieve "the hat",avoid were forced to retreat city,there is a turnround by earnings management accounting.Due to the differences in accounting policies and securities market systems at home and abroad,the current foreign models used to identify earnings management behavior of listed companies have a large deviation from the identification results of listed companies in China's securities market.On ST companies in China:an empirical study of financial statements earnings management to identify less,due to the financial statements of listed companies such as related party transactions,the deferred income tax assets project standardized disclosure is poorer,lack of data for many years,is difficult to collect complete financial indicators,therefore,domestic scholars "ST company's earnings management behavior"research conclusion there are major differences,and didn't get in the academia.In order to solve the defect of traditional identification model of surplus management,the author selected the traditional financial indicators of listed company profit ability,debt paying ability,operation ability,profitability,continuous 11 representative indicators,designed to improve the financial information contained variable as far as possible,using the logit regression to establish a new model of recognition of earnings management.In this paper,the annual reports of listed companies included in the national tai'an database from 2003 to 2018 have been used for 16 consecutive years,with a long time span.308 ST companies were selected and matched with control samples for observation,with sufficient sample size and strong pertinence.The above advantages make the research conclusion of this paper more reliable than previous studies.Combined with empirical conclusions,this article from the listed companies,investors,securities market external regulators three angles,the listed companies how to deal with financial distress to profitability by means of reasonable and lawful,the improvement of our country securities market delisting mechanism put forward a series of Suggestions,through the standard market operation,enhance the efficiency of market allocation of resources,make the securities market can stable operation,easy ride for the investors.