Research on the factors affecting the delisting of Chinese listed companies

Abstract

This paper focus on the main factors affecting the uncap-listed companies, thus determining the influencing factors of the delisting companies and the overall implementation effect of the delisting system. Based on the data of 391 companies in China’s A-share listed companies from 1989 to 2016, the Logistic model was used to study the factors affecting the delisting of listed companies. The results show that the proportion of state-owned shares, the proportion of tradable shares, the degree of loss and the age of listing are the main influencing factors of the delisting of listed companies, but have no significant relationship with the profitability, growth ability and solvency indicators on behalf of the company’s comprehensive operational capabilities, which means the current delisting system of Chinese stock market was ineffective.