The Study On Influencing Factors And Routes Of Delisted Enterprises’ Re-listing

By the end of 2019,there are a total of 118 delisted A-share companies in China,and the number of delisted companies in the past two years has also increased significantly,among which only one has been re-listing.This reflects that China’s capital market system reform has achieved initial results,delisting normalization has become the general trend.On the other hand,it also reflects that the good and bad of China’s listed companies are intermingled,and the overall quality is not high.Many enterprises fail to recover after delisted,and the road to re-listing is very difficult.Based on the research of relevant scholars,this paper defines the specific connotation of delisting enterprises and relisting in combination with relevant policies in China.Proceed from the Implementation Measures for the Re-listing of Delisted Companies,this paper discusses the influencing factors of delisted company to be relisted from four aspects,namely subject qualification,corporate governance,financial accounting and business system.Then,this paper combined with the economic cycle theory,stakeholder theory,enterprise restructuring theory and other related theories to analyze the delisted enterprises to achieve the specific path of re-listing.This paper attempts to help delisted company better clarify their existing problems and the direction of solving problems through the case study of Long Hang Oil Transportation,so as to more effectively get out of the delisted predicament to achieve the strategic goal of relisting.It is found that the realization of relisting of delisted enterprises is influenced by many factors,and enterprises must face the problems brought by these factors one by one and solve them reasonably,so as to lay a foundation for the realization of relisting.The problems exposed in the delisting process of Nanjing Tanker Co.,Ltd.greatly hindered the possibility of re-listing.However,after delisting,Nanjing Tanker Co.,Ltd.properly analyzed its shortcomings and made continuous efforts for re-listing,finally realizing the rebirth of nirvana.Secondly,delisted enterprises need to combine multiple levels such as subject qualification,corporate governance,financial accounting and business system in the implementation of re-listing path.In the process of re-listing,Nanjing Tanker Co.,Ltd.considered the problems facing the company from the perspective of the overall strategic situation of the enterprise.In the implementation path,it combined various enterprise restructuring modes such as assets,finance and equity,etc.,to make the right solution and rejuvenate the vitality of the enterprise.Thirdly,through the case analysis of Nanjing Tanker Co.,Ltd.this paper finds that strengthening investor protection at the corporate governance level can better obtain investor support and ensure the smooth realization of delisted company’ re-listing.In the process of re-listing,Nanjing Tanker Co.,Ltd.Has listened to the opinions and Suggestions of many shareholders and implemented a variety of measures,including but not limited to the restriction on the authority of the board of directors and the linkage between the share price and the share lock-in period.These measures effectively strengthened the protection of the legitimate rights and interests of small and medium-sized investors,guaranteed the reasonable position of small and medium-sized shareholders in the company,and won the support of the majority of investors.