Research On Delisting Risk Of Listed Companies Based On Different Classifications

Since the establishment of Chinese Shanghai and Shenzhen stock exchange,China’s capital market has developed vigorously.The delisting system has also been continuously developed and improved.With the formal implementation of the comprehensive registration system,the delisting system will gradually become normalized.So it is of great significance to analyze the sources of delisting risks to stabilize the securities market and protect investors’ rights and interests.The analysis of the delisting risk of listed companies in existing research mainly focuses on the overall analysis,and the accuracy of model prediction of different types of delisting risk needs to be improved.The new delisting rules provide a more detailed description of the types of delisting and the criteria for delisting,so further research on the classification of delisting risks is conducive to promoting the good development of the market.This article selects the financial,stock,corporate governance and other related data of different types of delisting risk companies in China’s A-share market from 2001 to 2022.This article uses principal component analysis,logistic regression model,case analysis and other methods to qualitatively and quantitatively analyze the delisting risk of five types of delisting,and obtains the main conclusions as follows:(1)Paying equal attention to financial indicators and non-financial indicators,and the accuracy rate of the financial risk early warning model built is 82.73%.(2)Trading compulsory delisting companies are often subject to delisting risk warnings.Indicators such as the comparison with the average daily turnover rate of the industry in the same period can reflect the risk of compulsory delisting of trading.(3)Whether to ensure that the time and quality of information disclosure comply with the norms is the active behavior of listed companies.Refusal to disclose or false disclosure will lead to normative compulsory delisting or major illegal compulsory delisting.The lack of high-level professional ethics and insufficient diligence of intermediaries are the sources of risk of major illegal compulsory delisting.(4)Different delisting types have differences in delisting effect,risk early warning,delisting efficiency,etc.Empirical research finds that the financial delisting risk early warning model is not suitable for the early warning of other types of delisting risk.Therefore,a comprehensive delisting risk analysis system should be constructed.In addition,from the perspective of forced delisting and active delisting,active delisting is more positive for the securities market,companies and investors.The innovation points of this article are mainly as follows:(1)The innovation of the research object.This article takes delisted companies belonging to different delisting types as the research object,which is more representative.(2)Innovation of the indicator system.This article uses indicators such as financial indicators,stock liquidity,effectiveness of the company’s internal control,awareness of laws and regulations,and ability to continue operations to predict different types of delisting risks.The results can more comprehensively express whether a listed company has a certain type of delisting risk.(3)Innovation of research methods.This article combines empirical analysis with case analysis.Flexible selection of research methods for delisting types with different sample sizes provides more confidence in the results obtained.