No matter in study or at work, everyone has dealt with papers. Writing papers can improve our ability to comprehensively apply what we have learned. So, have you understood this paper? The following is the reference of the wealth analysis paper in the stock market that I compiled for you, for reference only, and you are welcome to read it.

References:

[1] Tang. An empirical analysis of wealth effect in China stock market. Journal of Henan Institute of Finance and Management. 2007.06。

[2] Li Xuefeng. Capital market, effective demand and economic growth.

[3] The Yellow Emperor. Research on wealth effect of stock market. Wuhan Finance and Economics .2004.2.

[4] Xie Yongtian. Analysis of wealth effect in China stock market. Taxation and economy.

Expansion: Research Papers on Exit Mechanism of Foreign Stock Markets

Abstract: With the continuous development of China's economy and the continuous improvement of China's capital market system, China's stock market began to expand rapidly. At the same time, due to the uneven operating conditions of listed companies, many stocks of poorly managed listed companies are still trading in the market, and the problems of stock withdrawal mechanism are constantly emerging. By studying the exit mechanism of new york Stock Exchange and Nasdaq Stock Exchange, this paper provides reference for the implementation of the exit mechanism of China stock market.

Keywords: stock market papers

First, the significance of the stock withdrawal mechanism

Delisting is the inevitable result of market mechanism, an important mechanism of mature capital market and a necessary way to give full play to the functions of securities market. Its establishment and perfection have a far-reaching impact on the development of the securities market:

(A) to give full play to the functions of the stock market

Stock withdrawal is one of the important functions of the securities market. Only through the exit mechanism can we effectively improve the quality of the entire securities market and promote the rational allocation of resources. First of all, it is the most basic function of the securities market to promote the industrial adjustment of a country by optimizing the allocation of resources. Without a market-oriented exit mechanism, it is difficult for the capital market to optimize the allocation of resources and promote industrial adjustment. In the stock market, the flow of funds indicates the market's judgment on stocks and related industries, thus affecting different investments in different industries. The absence of stock withdrawal mechanism directly leads to the increasing number of stocks and the relative scarcity of funds. Secondly, the imperfection of the stock withdrawal mechanism not only increases the listing cost of high-quality enterprises that want to go public, but also makes many enterprises with poor operating conditions unable to withdraw from the market in time. It affects the function of the stock market to guide funds to invest in industries with high returns and high development potential. By formulating the stock withdrawal mechanism, we can solve various problems caused by the lack of competition mechanism and optimize the allocation of limited market resources.

(2) Reduce the speculative atmosphere in the market and guide investors to establish a rational investment concept.

There is a problem of high systemic risk in China stock market, the main reason is that market risk cannot be effectively dispersed. There is no perfect and effective exit mechanism in the market, which makes the risks in the market remain high and the returned stocks cannot be withdrawn in time. A perfect delisting mechanism can enable companies that can't meet the conditions for continuing listing and trading to launch the market, decompose systematic risks into non-systematic risks, effectively improve the return on investment in the stock market and optimize the market investment environment.

(C) delisting mechanism is conducive to the supervision of listed companies

When a listed company violates laws and regulations, the company will not meet the conditions for listing and trading, resulting in the delisting of shares. It will ensure that business operators abide by various laws and regulations in the course of business operations and ensure corporate compliance. At the same time, the lack of delisting mechanism will make the market lack of legal constraints, and the securities market will be difficult to develop for a long time. Only by establishing a perfect and effective delisting mechanism and strictly implementing the delisting system can the securities market be truly established on the basis of law, which will make investors and enterprises more mature and be conducive to the sound development of the capital market.

Second, the exit mechanism of mature stock market-the reference of American stock market

In a well-established market, delisting of listed companies is an important part of the stock operation cycle. The data shows that in 2009 alone, there were 2 12 companies delisted from NYSE, correspondingly, there were only 94 listed companies in that year. Similarly, 78 companies in Tokyo Stock Exchange delisted, 6/kloc-0 companies in Germany Stock Exchange delisted and 385 companies in London Stock Exchange delisted. The number of listed companies in that year was 23, 6 and 73 respectively. In the stock markets of these countries, listed companies not only enter the market, but also withdraw from it. At this time, the exit mechanism of the securities market has played an extremely important role. Here we choose the American market for research.

(1) delisting criteria of new york and Nasdaq markets. NYSE provides detailed delisting standards for companies listed on NYSE, and these standards are highly operable. The main indicators of whether its listed companies meet the delisting conditions include: the degree of equity dispersion, equity structure, operating performance and asset scale. Nasdaq Stock Exchange divides its delisting standards into quantitative standards and non-quantitative standards. Once a company listed on Nasdaq can no longer meet its quantitative and non-quantitative criteria for continuous listing, the exchange will suspend or terminate the company's stock trading on the exchange.

(2) The delisting procedure of Nasdaq market The delisting procedure of Nasdaq Stock Exchange adopts the hearing system. The bursting of the Internet bubble in 2000 caused the Nasdaq index to fall from 5048.62 points all the way, falling by nearly 9 percentage points in just 6 days. In the end, nearly 80% of the stocks fell by 80%, and nearly 40% of the stocks were delisted. This led to the termination of the programmed delisting mechanism of Nasdaq Stock Exchange. Since 2003, the average delisting rate of Nasdaq market has been around 8%. When the stock no longer meets the conditions for continuing listing and trading, the competent department of the exchange will inform the company that its stock will be delisted and inform its rights. If the company disagrees with the decision of the exchange, it can choose to appeal to the US Securities and Exchange Commission.

Third, the withdrawal mechanism of American stock market can be used for reference by China.

Above, we chose two major stock markets in the United States, new york Stock Exchange and Nasdaq Stock Exchange, representing the main board market and the Growth Enterprise Market respectively. The delisting standards and conditions formulated by these two stock exchanges are relatively strict, which not only set indicators for the company's sustainable operation, but also set indicators to reflect market changes. These delisting procedures enable regulators to work more effectively in the process of policy implementation, make the market operate fairly and efficiently, and safeguard the vital interests of investors. In the process of delisting, the American Stock Exchange, as the executing agency, regards delisting as an integral part of its daily work. When the stock meets the delisting conditions, the stock exchange may decide to suspend trading and enter the delisting procedure. Only when listed companies have objections to the decision of the exchange can they ask the US Securities and Exchange Commission to intervene. This arrangement makes delisting very efficient and avoids too much administrative intervention. In addition, the US securities market has arranged an over-the-counter market or a third-board market for delisted stocks, which can continue trading after delisting, thus ensuring the rights and interests of shareholders.

References:

Wang Huiying Liu Dayong, Chen Guangsheng. On the role of stock withdrawal mechanism [J]. Northern Economy and Trade, 2002, 6:63-64.

[2] the victory of the party. Main problems and countermeasures in China stock market [J]. Guide to Economic Research, 2015,2: 210-211.

[3] Liu Lele. Comparison of delisting mechanisms between China and the United States [J]. Research on National Business Theory, 20 10, 9:37-38.

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