制度创新先行先试 创业板杜绝重组概念（Institutional innovation first try, gem eliminate the concept of restructuring）

制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 创新先行先试 创业板杜绝重组概念（Institutional innovation first try, gem eliminate the concept of restructuring） 制度创新先行先试 创业板杜绝重组概念(Institutional innovation first try, gem eliminate the concept of restructuring) In October 30th, Shenzhen ushered in the 1st Anniversary gem board. Transcripts are bad, in the past year, the gem staged "three high", "super raised", "executives left cash" and other phenomena, has been subject to questioning by all sides. The question of the gem has evolved from the initial profit model of listed projects, whether it can continue, the feasibility of raising funds to invest and the reliability of financial statements, to the present growth and the company itself. How to set up the standard delisting system in the gem has become the focus of the market again. At present, the domestic A shares motherboard and small plates, has yet to establish a direct delisting system, resulting in the shell resource market spread, reorganization tide myth, insider trading and market manipulation endless. However, after nearly a year of delay, September 8th, the Shenzhen stock exchange general manager Song Liping said that the gem delisting system has no specific timetable, it is difficult to launch during the year. A remark, the market uproar. The pace of institutional innovation is delayed Gem delisting system has been great expectations of the market, but also considered the gem is different from the main board and small and medium-sized board of the biggest features. Song Liping, general manager of Shenzhen Stock Exchange, said publicly to the media, the gem launched delisting system is very complex, it involves trading rules, delisting standards. From the point of view of the work process, because it involves a wide range, and now there is no specific timetable for the introduction, it is estimated that the second half of the difficulty will be introduced. Before the opening of the gem, according to the Shenzhen stock exchange gem listing rules issued by the Shenzhen Stock Exchange "(Draft)", with respect to the motherboard delisting conditions, the gem increased three delisting situations: "the listed company's financial accounting report by accounting firms with negative opinions or can not be said that the accounting statements of the audit report, opinions the listed company shows negative net assets, the company stock for 120 consecutive trading days the cumulative volume of less than 1 million shares." Delisting way, the GEM companies can be delisted directly after the termination of the listing, there is no need to like the main board of the company needs to transfer agent system. In addition, the above three delisting situation will also start rapid delisting procedures, shorten the delisting time, accelerate the delisting process. During the "two sessions", as chairman of the CPPCC National Committee and chairman of the Shenzhen Stock Exchange, Chen Dongzheng has said that the design of the delisting system of the gem has been submitted to the CSRC before the spring festival. Gem to implement a direct delisting and rapid delisting system, no longer delisting risk warning for a long time, and resolutely put an end to the gem backdoor speculation. In the main board market as an example, although regulators also provides the corresponding delisting system, but also increased the dictating reprieve, Paul shell, while the reorganization of government assistance also played a role, and the formation of reverse incentive. Because if you still use the main board of the delisting mechanism, the motherboard over the years "speculation, restructuring concepts, insider trading" and other chronic illness, will inevitably repeat itself in the gem. "Gem in the delisting system design, there is indeed some progress, but delisting" rules "obviously with the motherboard is not very different." Senior PE professionals in Shenzhen stroke of real capital vice president Li Bingheng expressed concern at times weekly reporter interview, "will not be related to more than the GEM companies through asset restructuring, debt restructuring or other means to beautify the financial statements, eliminate the signal of delisting risk warning sign seems to say". Ensure higher delisting rate From this point of view, the main lack of the system, only through a higher rate of delisting, and gradually establish a strict constraint mechanism on listed companies, in order to ensure market image and overall quality." British Institute of securities Li Daxiao in October 20th to die Zeit reporter. General manager of the research department of Guoxin Securities development reporter on Dr. He Chengying times weekly said: "the gem is to follow the Nasdaq, need to maintain a high attrition rate, low price for the company, delisting is necessary." It is understood that, in the overseas gem market, the company delisting is a very common and normal market behavior, its delisting rate is significantly higher than the main board market. From the Shenzhen Stock Exchange investor education center data show that, in the past ten years, China's capital market average annual delisting rate of less than 1%, with the other major capital market in the world compared to small lot: Companies in the United States each year about 8% NASDAQ delisting, and back the New York Stock Exchange rate was 6%; the UK AIM delisting rate is high, about 12%, more than 200 companies delisted from the market every year. Are there any significant differences between the gem and the medium and small board? If there is no institutional innovation, why should the Shenzhen stock exchange be located outside the main board and set up a small board and an enterprise board? The Shenzhen Stock Exchange's answer is: in order to develop China's multi-level capital market. Li Bingheng analysis, the gem delisting system is considered to be different from the main board and the main characteristics of small and medium-sized board. With the direct delisting, we can stop the speculation of the shell resources of the gem and realize the different incentive mechanism with the main board and the small and medium-sized board. It is necessary to make clear and introduce the direct delisting system as soon as possible, which is necessary to promote the healthy development of the gem. Through the high delisting rate, the overseas growth enterprise market has formed a good signal transmission effect, and gradually established a strict constraint mechanism for listed companies to ensure the market image and overall quality. "This gives the market a very bad expectations, that is, the GEM may not have a direct delisting system, even if there is, the introduction of time will be greatly delayed.". Well, some poor performing companies, and even companies that continue to suffer losses, will still have room for speculation, because since the management is not clear, there is still room for negotiation." The director of investment at a private equity agency in Shenzhen said. Delisting system is imperative From the actual situation, there is no real obstacle to the introduction of the direct delisting system, and there is no problem in the technical level of the operation. The Shenzhen Stock Exchange gem company management department director Fu Binghui had previously said the outside world, the gem set up a relatively short time, there is no historical issues, the establishment of the delisting system, does not involve the interests of the existing market structure adjustment, the establishment of the gem delisting system has direct conditions. So why is the supervisor still not giving a clear answer to this question after the age of one? Sources close to the regulators said, the establishment of the direct delisting system, delisting system reform involves many stakeholders, how to achieve the balance of interests in all aspects is a problem. It is not difficult to formulate the rules of the game, but the real difficulty is that it requires great determination at the executive level. British Institute of securities Li Daxiao said that the delisting system was clearly suggested in the gem design, but has been in a state of excitement gem market speculation are to ignore this risk naturally or half unconsciously. However, the direct delisting system of the gem is imperative, and the advantages outweigh the disadvantages after the implementation. Whether it is overdraft growth or over raising funds, and even including surprise shares, the root of the existing gem audit, issuance, management and regulatory system is imperfect." Shenzhen, a brokerage investment banking department official pointed out. The delisting system is one of the most important parts of the whole system which supports the smooth running of the gem. Authoritative sources close to the regulators told reporters that at present, the delisting system of gem launch time, there is also space, promote the delisting system is in order, the program is still under study and repeated demonstration. At present, a clear principle is that the gem delisting system to become a good "experimental field" delisting system reform, the overall logic is the gem as a pilot to promote the entire motherboard delisting system to follow up. It is understood that the gem delisting system related design and research is currently being carried out by the Commission and the stock exchange in full swing. The strict delisting standard is the necessary filter to guarantee the quality of the listed companies and optimize the allocation of resources". This is not only a reference to the mature practice of overseas gem, but also a summary of the past experience of the A stock market. Delisting system is the key to guarantee the high quality operation of the gem, When the introduction is the focus of attention of all parties, only the establishment of "delisting system" in order to make the gem "running water" is not corrupt". Financial commentator Pi Haizhou pointed out that the gem in dealing with delisting problems must be properly resolved to protect the interests of investors. If this problem can not be solved, the direct delisting of the gem, rapid delisting is the greatest harm to the interests of the majority of investors. Financial commentator Ye Tan pointed out that the delisting system is a difficult labor, is the degree of market Chinese financial industry is not very high, then the government at all levels for various reasons, maintain the interests of the listed company, at the cost of Paul shell. Wang Sanshou believes that the birth of the gem is relatively short time, the Commission to develop a policy requires a certain period of observation, he expects around March next year, the gem delisting system should be introduced.