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Delisting risk of listed company

2019-08-26 来源: 51Due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Delisting risk of listed company,供大家参考学习,这篇论文讨论了上市公司退市的风险。上市公司退市风险分为主动性退市和被动性退市。主动性退市的影响因素较为复杂,负面因素和正面因素都有。上市公司会根据市场的需要调整自己的经营战略和布局,由此会导致企业间的合并或分立,这是原上市公司主动性退市的原因。被动性退市指的是有关监管组织将期货机构的《许可证》采取强制措施吊销,而造成这种局面产生的原因通常情况下是期货机构出现违法犯罪行为或者是由于自身经营问题导致金融风险的出现等。

Despite the delisting system of listed company of our country in the increasingly perfect, this also showed the various countries to perfect our country securities market system, establishing an orderly advanced determination in the securities market, but our country securities market in the listed companies in the process of delisting, met a lot of problems, is not very good and complete delisting the process efficiently. In reality, there are still many companies with delisting risk active in the market. For the identification and control of delisting risk of listed companies, the existing management method is more of after-the-fact control than pre-warning. Therefore, we discuss the delisting risk of listed companies, which is conducive to protecting investors' rights and interests, maintaining the stability of the securities market and protecting listed companies, so as to avoid falling into greater financial crisis.

There are both negative and positive factors influencing active delisting. The negative factors include bankruptcy of the company, dissolution of the shareholders' meeting, termination of operation and so on. Many companies are facing delisting risk because their financial indicators cannot meet the standard. In such a case, rather than being terminated at the expiration date, the company may opt for voluntary delisting and prepare early to deal with the delisting. The positive factor is that the company has abundant capital and can choose other financing channels. There is no longer any need for listed financing, so it will exit the market. For example, huawei, as a leading enterprise in China's communications industry, has abundant funds and does not need to go public for financing. Therefore, it has never been listed, but its financial strength is not to be underestimated. Listed companies will adjust their business strategy and layout according to the needs of the market, which will lead to the merger or division of enterprises, which is also the reason why the original listed companies take the initiative to delist.

Passive delisting refers to the mandatory measures taken by relevant regulatory organizations to revoke the license of futures institutions, which is usually caused by illegal and criminal behaviors of futures institutions or financial risks caused by their own business problems. In the domestic stock market, companies are suspended from listing after losing money for three years, and delisted after three years and six months. Once the following phenomenon occurs in the listed enterprise, we generally consider that the company has a delisting risk. First, the listed company has seriously violated the three public principles stipulated by the exchange, such as the falsification of information disclosure or other violations. Second, the stock loses its value, that is, the discounted value of the company's future cash flow is O, and no cash income is expected in the future, then such listed company will be terminated from the listing. The poor management of listed companies is the main reason for passive delisting, and its financial indicators are the most direct reflection of its operating conditions. Therefore, the following part will analyze the reasons of delisting risk of listed companies from the perspective of financial indicators and non-financial indicators.

According to the provisions of the securities law of China, the listing shall be terminated under any of the following circumstances: the enterprise has been in a loss for the last three years and is still in a loss for the following year; When the enterprise has been dissolved or publicly declared bankrupt; Other circumstances of termination of listing that meet the relevant provisions of the stock exchange.

From the above discussion, it can be concluded that China has put forward certain financial standards for delisting of listed enterprises. When analyzing the reasons of delisting risks based on financial indicators, we usually rely on the relevant financial statements issued by listed companies. The selection of financial variables for reference mainly concerns the company's solvency, operating capacity, growth capacity and profitability. Solvency related indicators are used to analyze the ability of enterprises to repay debts; the index of operating capacity reflects the efficiency of using assets to create profits. The relevant data of the company's growth ability shows the company's future development ability; Earnings figures show the level at which companies are making profits. The following indicators mainly reflect these capabilities: liquidity ratio, capital turnover rate, profit growth rate and net profit margin on total assets. Among these indicators, data anomaly is the obvious external manifestation of the company facing delisting risk.

In the securities law of China, it is mentioned that the listing of the company will be terminated when the following situation occurs: when the total amount of the share capital and the distribution of shares of the company cannot meet the listing standards and cannot meet the listing requirements within the time limit required by the stock exchange; The enterprise does not disclose its financial status quo in violation of relevant regulations, or falsifies its financial report and fails to correct it.

We can regard the above provisions as the obligation that listed companies must assume, namely, the non-financial index of delisting risk of listed companies, which involves some non-financial reasons of listed companies' management. In addition, macroeconomic environment, economic cycle and industry differences are non-financial indicators that involve delisting risks and are force majeure, which cannot be avoided by the company itself. Other corporate governance structures also have an important impact on the operation of the company that cannot be ignored. At the same time, the external audit opinions of the company also play a good role in revealing the current situation of the company, and provide guidance on its potential risks and how to avoid them. Therefore, the selection of accounting firms and audit reports are also very important links. In addition, the company's social reputation can not be ignored, whether there is a major scandal will affect the company's reputation and consumer choice. In this case, if the company's crisis management is not handled well, consumers will turn to other products of the same type as substitutes, which is a fatal blow to the company.

From trading stocks on exchanges in the past to the rise and listing of various stock apps such as flush and great wisdom, it is no longer complicated to enter the stock market. People can receive and find information about relevant stocks and buy stocks themselves on their mobile phones. The fast, convenient and timely characteristics of the Internet also lead to the rapid spread of delisting risk. Any good or bad news of listed companies can be immediately received by investors. Different from the previous listed companies, which still have the time to find the source of risks and make timely adjustment, investors can almost immediately react to the news of special major issues, thus accelerating the diffusion speed of delisting risks.

When a public company takes the risk of delisting, it usually means that many aspects of the company have gone wrong. The risk of delisting is the ultimate manifestation of these problems. In this case, according to the relevant provisions of China's delisting system, enterprises are likely to suffer continuous losses and cannot make profits, thus falling into a huge financial dilemma. At this time, the destructive ability of delisting risk is a huge blow to the company's own operation and investor confidence, which is very destructive.

As the pace of innovation in China's securities industry continues to accelerate, its intersection with the insurance market and fund market is increasing, and the launch of related products involving multiple industries also brings cross financial risks. The stock of the listed company can circulate in the stock market, and the listed company must also invest in other products as an investor. When a listed company has financial difficulties and faces the risk of delisting, it needs to bring risks of investment funds to its creditors and investors. In addition, listed companies in financial difficulties will be more cautious in their own investment, and it is likely to reduce the shares of other holding companies, thus affecting a series of related and non-related parties, upstream and downstream enterprises.

For the risk of the enterprise's own operation. As a barometer of the company's operating condition, when the listed company has the risk of delisting, the anomaly of the data in the financial statements is the most obvious performance. According to various financial indicators, the company's current financial situation, operating level, growth ability and profitability will be clearly displayed in the financial statements. Facing the risk of delisting, where is the company's main problem, asset-liability ratio is too low or the cash flow problems, all these problems will affect the normal operation of the company, for the business status of the listed company's own risk, the risk of delisting of listed companies performance, first of all, for the risk of continued operation of the enterprise itself.

Risks to investors, creditors and other interested parties. Due to the relative unsoundness of the securities market and the unprofessionalism of investors themselves, there are a large number of "subject" and "concept" stock speculation in the stock market. Investors do not pay attention to the operation status and future development of listed companies. On the contrary, investors are keen on industry flattery and believe in company reputation, which are easy to be led away by public opinion. Investors in the market for ST shares can see this. In this way, it is easy for investors to make blind investments, thus making their money suffer losses.

The delisting risk of listed companies has a negative effect on the stability of the securities market and is not conducive to the optimal allocation of securities market resources. Some companies with long-term mismanagement and poor performance, or due to industry decline, or due to their own decision-making mistakes, should have been delisted from the securities market, and no longer have the ability to circulate in the securities market, but still remain active in the market due to imperfect systems. Even due to the blindness of investors and other reasons, these speculative stocks instead of blue chip stocks received more financing funds. The unreasonable allocation of such resources will further affect the healthy and stable development of the securities market.

To sum up, in the backdrop of the securities market of our country grows vigorously, the delisting system of securities market in China can't adapt to the development of securities market in our country, a good part of risky companies is still active in the market, to some extent this has a negative impact on the interests of investors, is not conducive to the steady development of securities market in our country. Based on China's national conditions and the delisting system of listed companies, this paper analyzes the delisting risk types, causes and characteristics of listed companies facing delisting risks in China. Although China's delisting system has been implemented for many years, objectively there are still many places that can be improved. The risk management of delisting is mostly limited to the after-event, and the risk management before delisting cannot make the listed company pass the crisis. The delisting process is long and inefficient, which hinders the healthy development of China's securities market to a large extent. Therefore, it is of great significance to analyze the delisting risk of listed companies and conduct risk management.

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