Guo Shiliang: It Is Not Enough To Stop The Delisting Of Listed Companies.

The new round of reform of the delisting system gives the market more expectation. Among them, the new deal focuses on five major aspects, namely, the implementation of the active delisting system, the implementation of the mandatory delisting system of illegal companies, the issuance of fraudulent issuance and the violation of major letters, the decision of the exchange to terminate the transaction within a year, the strict market mandatory delisting indicators, the improvement of the supporting institutional arrangements, the setting up of delisting and consolidation period, and the protection of investors in the delisting companies.

Based on these five points, the author summarizes several key words, including active delisting, compulsory delisting, fraud law and investor protection.

In fact, the above measures are correct. Old stock investors No stranger to it.

When it comes to active delisting, the move has been a great success in mature markets abroad.

Take the US stock market as an example, its average annual delisting rate is 6%, but the proportion of listed companies that are active delisting is more than half.

Obviously, when Listed company When it is no longer necessary to maintain its listing status, it can take the initiative to withdraw from the market. However, there is a huge difference between the two markets.

Among them, because of strict supervision system and strict punishment measures, the violation cost of the listed companies is very high. Once the local listed companies involve violations, they will bear huge cost of violation. On the contrary, because of the relatively low cost of irregularities in the mainland market, the myth of "getting rich overnight" is often staged in the mainland market. Therefore, the listed companies taking the initiative to withdraw from the market will inevitably make investors think that they are "malicious."

Talking about compulsory delisting is a great step forward for the mainland market.

According to the relevant provisions, it is clear that the mandatory delisting system of illegal companies should be explicitly implemented, and the issuance of fraudulent issues and the violation of major letters will be decided by the exchange within a year.

Over the years, illegal fraud in the mainland market is not uncommon. Among them, from the early Yinguangxia, Yi An technology, to the recent Wanfu Sheng Ke, Nanfang shares, etc., the listed company's illegal behavior such as fraud has profoundly affected the vital interests of investors.

However, due to the low cost of irregularities in China's securities market, the listed companies that violate relevant regulations only pay fines, verbal warnings and other penalties. Only those who are serious will be punished severely. At this point, it is very important to improve the illegal cost of the market and even introduce the mandatory delisting system.

It is worth mentioning that since China's securities law has not been revised and perfected over a long period of time, it has also set obstacles to the implementation of relevant policies. At this point, policies need to be supported by law. If this foundation is lacking, the efficiency of policy implementation will be greatly reduced.

Finally, we talk about investor protection.

　　 Investor Protection is a hot topic that has never been interrupted since the establishment of China's securities market. However, investor protection has been mentioned for many years, and the implementation of relevant policies is not satisfactory.

Among them, the most typical problem is the mismatch of the market trading system, which has brought great adverse effects to the transactions of ordinary investors.

Since the establishment of stock index futures in April 2010, China's securities market has shown the problem of asymmetric market trading system. At the same time, due to the restriction of investment threshold, the transaction gap between big capital institutions and ordinary investors is increasing.

In addition, according to the relevant rules of stock index futures, institutions only allow hedging. Therefore, in the past, the market has been in a downward trend for a long time. As a result of the large amount of stock held by the organization, it is in fact encouraging institutions to hedge arbitrage. As a result, it also exacerbated the power of market decline. For ordinary investors who can only trade one way, it is a huge injustice.

　　 Delisting The new deal is essentially a revision of the heavily distorted market system in the past. However, in the context of continuous improvement of policies, we must speed up the comprehensive revision of the securities law so as to create a legal basis for the effective implementation of relevant policies.

The author Guo Shiliang believes that the introduction of the new deal of the delisting indicates that China's securities market has made a step forward in the construction of the system. However, it is still necessary to further observe whether the new delisting can achieve the desired results.

It is undeniable that the new policy of delisting has been mentioned for many years, but the policy has been revised and perfected repeatedly. However, there is no obvious deterrent to illegal listed companies. All along, the company sought to be listed, at all costs to complete the listing purposes, and many executives before the listing of the company, designed a set of cash in order to achieve the goal of becoming rich quickly. Obviously, such behaviour is shameful and tragic.

Compared with the above companies, a group of excellent well-known enterprises such as Lao mama and Wahaha refused to implement the listing plan for a long time. Its fundamental purpose is to keep the purity of enterprises and avoid the harassment of huge interests in the capital market, thus affecting the lasting development of enterprises. Indeed, from the perspective of the strategic development of enterprises, their practice is also worthy of recognition.