Analysis of the Implementation Effect of the New Delisting Regulations in the Securities Market——Based on the Delisting Data of A-share Listed Companies in 2021 and 2022
From 1999 to 2020,a total of 139 A-share companies were delisted,with an average delisting rate of 0.32%.This ratio is much lower than the delisting rate of about 10%in mature capital markets such as the United States and the United Kingdom.Establishing a normalized delisting ecosystem is a necessary path to improve China's capital market.On December 31,2020,the Shanghai and Shenzhen Stock Ex-changes officially released and implemented new delisting regulations.Analyzing the delisting data of A-share listed companies in 2021 and 2022,it was found that the implementation effect of the new delisting regulations is gradually becoming apparent:The delisting rate is constantly increasing,and a normalized delisting mechanism is accelerating its formation;The difficulty of shell preservation has significantly in-creased,and the attractiveness of the shell is continuously decreasing;Enhanced audit quality and strength-ened the role of gatekeepers.To ensure the more effective implementation of the new regulations and help the capital market form a healthy stock market ecosystem,supporting legal protection should be estab-lished,and the construction of investor protection mechanisms after delisting should be strengthened.At the same time,strengthen the punishment for the illegal and irregular behavior of the controlling sharehold-ers of delisted companies.In addition,it is necessary to ensure the normal operation of delisted companies and support the development of excellent assets.
new delisting regulationsdelisting ratecapital market
NETL
NSTL
万方数据
