delisting mechanism，refers to set by the regulatory authorities，Active or passively transforming its shares into a series of institutional arrangements for non -listed companies that cannot be traded on exchanges when triggered certain conditions in listed companies。Generally speaking，The trigger conditions of the delisting mechanism may include too small the scale of stock transactions、Transaction price is too low、The company's financial performance is too poor、Unswelling key information in time and major illegal acts, etc.。The delisting mechanism belongs to one of the core basic system of the capital market，The establishment and development of its establishment and development for promoting the tolerance development of the capital market，It is important to achieve the survival of the survival of listed companies。

Looking at the development of modern finance，We must give full play to the role of the capital market optimizing the allocation of resource allocation to improve the efficiency of the quality of the company，Need efficient access and exit mechanisms。"The Fourteenth Five -Year Plan of the National Economic and Social Development of the People's Republic of China and the Outline of the Metropolitania Target in 2035"，"Comprehensive implementation of stock issuance registration system，Establish a normalized delisting mechanism，Improve the quality of listed companies "。

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Speaking of the origin of the delisting mechanism，cannot be separated from the world's largest capital market，That is the US market。Before the 1930s，bet365 best casino games The New York Stock Exchange does not actually have a strict delisting mechanism。At that time，If a major negative impact event occurs in a listed company，Exchange often uses stock suspension and other methods，Speed ​​the transaction of the company's stock，Even removes its stock from the trading list。This method is mainly due to the strict registration system at the time，Since there is no registration，It doesn't matter to delist。With the continuous improvement of the registration system and information disclosure and the regulatory system，The New York Stock Exchange for the first time in 1933 based on rules and regulations implemented a delisting disposal for listed companies，and approve the "Securities Trading Law" in 1934。Since then，Exchanges continuously improve the requirements for listed companies。1998，The phenomenon of the number of delisting companies exceed the number of IPO listed companies for the first time in the US capital market。In the mature capital market，The importance of the delisting system is no less than the IPO listing system。

my country's management of the delisting mechanism，The earliest "Securities Law of the People's Republic of China" that can be traced back to 1998。The bill will determine the power of the listed company's delisting or not，Give the State Council's securities supervision department，That is the China Securities Supervision and Administration Commission。But，In the following years,，Although the Shanghai -Shenzhen Exchange appeared in the first edition of the "Stock Listing Rules", the relevant delisting chapter appeared，But during this period, the setting of the delisting mechanism is still in the primary stage，No obvious restraint effect on listed companies。

February 23, 2001，The Securities Regulatory Commission released the "Measures for the suspension Bet365 app download of the listing and termination of the listing of losses"，The suspension of listed companies、Termination of listing, etc., gives a more detailed and operable specific regulations，and further clarify the principles of suspending listing or even delisting for three consecutive years of losses。Listed Company "PT narcissus" due to losses and other reasons for four consecutive years，The first delisting stock of the stock market since the establishment of the Chinese stock market。Socialism with Chinese characteristics has entered a new era，Some companies have attracted the attention of regulatory departments due to poor operation but rigidity but still continuing stock transactions.，The delisting mechanism ushered in the golden period of reform。

July 2012，The Shanghai and Shenzhen Exchange In the newly revised "Stock Listing Rules"，For the first time to give a face -to -market return，That is, when the closing price of the stock "20 consecutive trading days is lower than the face value"，The exchanges will be delisted on the stock。In addition，On the basis of borrowing from the capital market of developed countries and organic integration with the specific national conditions in China，This reform also introduced a large number of marketization indicators，Improve the operability of the delisting mechanism，Strengthening information disclosure and protection of investors。2014，The State Council issued the "Several Opinions on Further Promoting the Healthy Development of the Capital Market"。According to this，The Securities Regulatory Commission has revised the delisting mechanism again，Not only is it clear that serious problems such as fraudulent issuance will be forced to delist due to serious issues such as fraud，Detailed instructions for the company'bet365 best casino games s active delisting of the company。It can be said，With the establishment of forced delisting and the establishment of active delisting，Preliminary completeness of the delisting mechanism of listed companies in China。

In order to build a normalized delisting mechanism in China，The Standing Committee of the National People's Congress reviewed on December 28, 2019 and passed the revised "Securities Law of the People's Republic of China" (referred to as the New "Securities Law")。With the implementation of the new "Securities Law"，The new delisting mechanism also emerged。The Shanghai Stock Exchange and the Shenzhen Stock Exchange will improve the delisting rules，The so -called "New Regulations for Purification" formed，Specific: adjust the four types of compulsory delisting types and active delisting situations、Reset and improve the corresponding delisting indicator、Cancel a large number of delisting buffer links, etc.。

Reform of the goal of promoting normalized delisting mechanism has the following characteristics。On the one hand，Improving the accuracy of the delisting mechanism。Departure point based on the status of listed companies based on precise portraits，The normalized delisting mechanism has changed the single portrayal system based on profitability，Added financial indicators for new combination，Can reflect the situation of listed companies more accurately，And the new indicators also help to avoid some high -quality enterprises from leaving the risk due to periodic reasons。On the other hand，Enhanced the efficiency of the delisting mechanism。Specifically，No longer includes the suspension of listing and restoring listing，At the same time, the principle of triggering indicators for two consecutive years, is the principle of delisting; cancel the bet365 best casino games delisting period in the trading delisting situation，There is no surplus limit on the first day of the other delisting period;，From 30 trading days to 15 trading days。Correction of the delisting session，reduced non -market regulation links，It can effectively improve the operating efficiency of the delisting process。

　　Improve the normalized delisting mechanism

Improve the quality of listed companies，It has always been an important purpose in my country's construction and development of the capital market。As one of the core basic systems of the capital market，Establishing and improving the normalized delistling mechanism is of great significance for promoting the quality improvement of listed companies and the inclusive development of the capital market。

For a long time，The normalized delisting mechanism helps to promote the survival of the survival of listed companies。For a long time，Due to the imperfect domestic delisting mechanism and the relatively loose institutional standards，Partially at scale、Performance and development prospects have lacking advantages in low -quality listed companies that have lowered the average quality of listed companies。The normalized delisting mechanism eliminates a lower -quality listed company to eliminate the stock market，The quality of listed companies directly in the average sense，For the governance of garbage stocks from the root cause、Stir -fried shell、Insider trading and other large stock market chaos has an important role，Can improve the overall environment of the capital market。With the continuous increase of the proportion of high -quality listed companies in the capital market，Demonstration effect will continue to strengthen，This will promote positive competition and benign cooperation between different enterprises。

Bet365 app download 2，The normalized delisting mechanism helps stimulate the awareness of crisis of listed companies，indirectly improving the company's quality。The status of a listed company，Can provide comprehensive support for the business and development of the enterprise。In terms of business decision -making，Management will tend to pay more efforts to improve the company's performance;，The consistency of the interests of the management and the company's shareholders will be further enhanced，Reduce the cost of agency; in terms of corporate risk，Management will also make decisions more reasonably，Avoid negative effects caused by over -risk bearing。

third，The normalized delisting mechanism helps improve the balanced price of the capital market。for a longer period of time，my country's stock market is at a balanced level of higher price -earnings ratio。Although this increases the attractiveness of my country's capital market，But it is also easy to cause a certain behavior to distort。Once the IPO is listed，Company management can get huge amounts of stock appreciation returns，After many companies have successfully listed，The phenomenon of large -scale cash out for sale，Direct stock price abnormal fluctuations。Establishment of normalized delisting mechanism，It helps the stock price to return to reasonable。In addition，The establishment of a normalized delisting mechanism can also become a screening device for high -quality unlisted enterprises，Make listing resources more in high -quality enterprises with long -term development potential。

　　(This article is the Study on the Study on the Economic Consequences and Mechanisms of Listed Companies by the National Natural Science Foundation of China "(71903152) phased achievement)

(Author Unit: School of Economics Management of Northwest University)