Research On The Measures To Get Out Of Trouble Before The Mandatory Delisting Of Listed Companies And The Evaluation Of Their Implementation Effec

With the continuous reform and development of the securities market,the relevant regulatory authorities pay more attention to the delisting system.An effective delisting mechanism can achieve the survival of the fittest and improve the quality of listed companies.China’s Shenzhen Stock Exchange was established in 1991 and launched the GEM in 2009.In 2020,Shenzhen Stock Exchange launched a new reform of delisting system,cancelled the suspension and resumption of listing system,introduced a risk warning board,and optimized resource allocation.Since the implementation of the new system,the number of listed companies that are forced to delist each year in China has gradually increased,from a handful to 46 in 2022.The listed company took various remedial measures before being forced to delist,but still could not resume trading,and was finally forced to delist.This paper analyzes the reasons why enterprises failed to implement the measures to get out of trouble before forced delisting,and provides reference for other enterprises that are in the delisting crisis and want to try to get out of trouble.Based on the above research background,this paper divides the analysis of Tianxiang’s environment into four steps.First,it introduces the development background and significance of the research,summarizes the relevant concepts leading to the delisting of enterprises,and introduces the theoretical basis;Then,from the strategic and financial aspects,we will sort out the measures implemented by Tianxiang Environment for poverty relief,and analyze the effect of the measures;By comparing the enterprises that have successfully exited from the delisting storm,we can finally find out the reasons for the failure of Tianxiang Environment to extricate itself from the difficulties,draw the corresponding countermeasures,and finally draw the following conclusions:(1)The "tunnel effect" problem has consequences and the solution time is too late,which is the main reason for the failure of Tianxiang Environment to extricate itself from the difficulties.(2)Enterprises should do a good job in cash flow management.