Study On The Motivation Of Active Delisting And Re-listing Of Enterprises

At present,the embarrassing situation of “low delisting rate and difficult re-listing” exists in our A-share market.By the end of 20 2 2,the number of listed companies in China’s A-share market has reached 5,069,while the number of delisted companies is only 216(data source: Crosstown Database).Compared with the annual delisted rate of 6% in New York Stock Exchange and 10% in NASDAQ Exchange,the delisted rate of only 4.26% in China’s A-share market is significantly lower than those two markets.Among these delisted enterprises,only 3 have successfully re-listed on the A-share main board market,which shows the difficulty of re-listing.The problem of “low delisting rate” and “difficult re-listing” is a cause and effect of each other.Only when the review index of re-listing becomes clearer and the direction of re-listing becomes clearer,can more enterprises dare to delist voluntarily.The increase of delisted enterprises is also conducive to the CSRC’ s further optimization and rationalization of the re-listing standards for enterprises,but also can provide more reference samples for enterprises on the verge of delisting,giving them the courage to actively delisted,and under the boost of comprehensive registration system,further reduce the profit space of selling " shell" behavior,forcing enterprises to face the choice of active delisting and passive delisting.Based on the above practical background and considerations,this thesis adopts the method of case study,and selects the typical case of the successful re-listing after active delisting which called the Sinomach Heavy Equipment Group Co.,Ltd.as the research object.Firstly,the core concepts and theoretical basis of this thesis are summarized by combing the research results of domestic and foreign scholars.Secondly,this thesis introduces the case overview,and expounds the specific process of active delisting and re-listing.Thirdly,the system analyzes the motivation of active delisting.Finally,the thesis analyzes the specific measures adopted by the Sinomach Heavy Equipment Group Co.,Ltd.to prepare for the re-listing,and makes clear how these measures make the Sinomach Heavy Equipment Group Co.,Ltd.realize the re-listing.Meanwhile,combined with financial data,financial index method and EVA economic added value method are used to explore the effects of these measures.Through the case study of the motivation of active delisting and the re-listing,this thesis draws the following conclusions:(1)Active delisting of enterprises has many advantages;(2)measures such as bankruptcy reorganization are conducive to re-listing;(3)Re-listing measures are conducive to improving some financial indicators of enterprises;(4)It is difficult to improve the core competitiveness of enterprises only by relying on re-listing measures such as bankruptcy reorganization.Finally,this thesis draws four suggestions based on the research,that is,enterprises can choose to actively delist to seek more rights and interests,and according to their own conditions to develop personalized re-listing plan,at the same time,innovation as the cornerstone,develop long-term development strategy,improve core competitiveness;Regulators should also accelerate the realization of the delisting system and the relist system of the linkage.