Mei Wan: Pushing The Issue Of Registration System Is More Important.

< p > in fact, compared with < a href= "http://www.91se91.com/news/index_c.asp" > issuing system < /a >, the reform of China's securities market delisting system has been relatively advanced. Only because the reform of the issuing system is lagging behind, the existing delisting system has not played its due effect.

As one market insider said, when the listing is no longer sought after, the delisting is no longer mandatory, and the reform of China's securities market has succeeded more than a half.

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< p > > a href= "http://www.91se91.com/news/index_c.asp" > pricing < /a > and financing are the two major functions of the capital market. For an entrepreneurial company, listing is to gain market recognition and to obtain funds. Listing on the stock market means a certain success, but becoming a public company will also face more supervision and supervision, and bear the pressure of long-term mismanagement.

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< p > however, due to the imperfect A share market system and the scarcity of listing qualifications, the listed companies get more and less pressure.

The success of the listing will be rewarded by the local government. The number of Listed Companies in the region has also become an important achievement of the local government. The government not only helps enterprises to go public, but also grants subsidies and losses to protect their shell resources when they operate poorly.

Statistics show that in 2013, 2513 A share listed companies annual reports, 2288 companies received government subsidies, accounting for more than 90%, the total amount of subsidies amounted to 1734 billion yuan, of which 35 *ST listed companies received subsidies.

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< p > > a href= "http://www.91se91.com/news/index_c.asp" > A share market < /a > listing is difficult, and delisting is more difficult.

Since the introduction of the delisting system in 2001, the number of accumulated delisting enterprises is less than 50.

The delisting of mature securities markets is a common occurrence. The New York Stock Exchange [micro-blog] has an annual delisting rate of 6% to 8%. NASDAQ [micro-blog] nearly three years ago, the number of delisting companies is more than the number of Listed Companies in the same period, while the London and Tokyo exchanges in the past three years are more than twice the number of delisting households in the same period, while the average annual delisting rate in the A share market is less than 0.2%. In many investors' view, there is a large number of junk stocks in the A share market that can not get out, so they have been criticized.

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< p >, however, the delisting system itself is not the key point of the A share market reform.

From the mature market, enterprises have more independent delisting than compulsory delisting, for example, the delisting of the NYSE delisting enterprises is only 25%, and the NASDAQ is about 50%. The main reason for the delisting of many enterprises is that the listing cost is too high, the value is underestimated or the company strategy is taken into consideration. Some enterprises are privatized after self delisting, and some of them are listed again after the strategic pformation. Only the compulsory delisting companies are required to be listed on the OTCBB market or the over-the-counter market such as the powder market.

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< p > does not mean that the delisting system is not important to A shares, but simply emphasizes the significance of delisting system.

Judging from the current situation, the IPO barrier lake has not yet been resolved, and the reform of the distribution system has not yet achieved significant results. The listed companies are still scarce resources for local governments and investors, and the probability of new shares being pursued continues to be great.

If the registration system is implemented, the shell resources will no longer be scarce. The value of the listed shares of the junk stocks is not large, and a lot of them will be automatically delisted.

Therefore, when the listing is no longer sought after, delisting is not mandatory, and our securities issuance and management system reform has been more than a half successful.

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