An Analysis of the Legal Regime of Delisting in China ANALYSE SUR LE REGIME LEGAL DE LA RADIATION EN CHINE
Notice bibliographique
Résumé
Abstract: The legal regime of delisting is one of organic constituents of securities legal framework. This article, based on the reviews of delisting development in China, has briefly analyzed the content of delisting legal system: the delisting standard and the delisting procedure, and put forward several suggestions in consummating the delisting legal regime. Key words: delisting, delisting standard, delisting procedure Resume: Le regime legal de la radiation est un constituant organique du cadre legal des valeurs. Cet article, base sur la retrospection du developpement de la radiation de Chine, analyse brievment le contenu du systeme legal de la radiation : le standard et la procedure, et propose ensuite des suggestions pour perfectionner ce systeme. Mots-Cles: radiation, standard de la radiation, procedure de la radiation 1. THE HISTORICAL EVOLUTION OF THE DELISTING LEGAL REGIME IN CHINA The legal regime of delisting in China is established gradually along with the development and consummation of stock market. It goes through several stages: 1.1 The preliminary establishment of the delisting legal regime ,which came into effect on July 1, 1994, is the preliminary establishment of the delisting legal regime in our country, in which 157th, 158th had stipulated the delisting standard, the delisting procedure as well as the authorized decision organization - State Council Control Section, initially constructing the foundational frame of delisting legal regime. Securities Law is the first securities law passed On December 29, 1998. The 49th and 57th about delisting rule is mainly the repetition of the related stipulation to Corporation 1.2 The consummation of the delisting legal regime In order to guarantee the investor to make the rational investment judgment, the securities supervising and managing department implements ST (special treatment) and (particular transfer). ST and in fact is one kind of early warning system in stock market. It carries on a warning in advance before delisting, reminding the general investors, gives opportunities to the listed company to improve the management achievement and also gives the investor a permission period releasing the social impact because of the immediate halting of trading. 1.3 The start of the delisting legal regime On February 22, 2001, the Chinese Supervisory Committee had issued Implementation Means about Loss Company to Suspend and Terminate Trading on The Market .The delisting because of the continual loss for 3 years had been ruled in detail and operationally. On April 23, 2001, the PT narcissus stock, four-year continual loss, became the first delisting company, which symbolized the start of delisting system in China. Then Implementation Means (Revision), Implementation Means (Revision) Additional had been issued. These two regulations solved some questions which cropped up the delisting implementation and brought advantage for application of the delisting legal regime in reality. 1.4 The further consummation of the delisting legal regime Experiment Means about Company Charge for the Stock Transfer Service issued by Chinese business Association on June 12, 2001 mainly solved stock-related questions for the companies traded in the STAQ (Securities Trade Auto Quotation) and NET(National Electronic Trade) system, directing the securities company's stock transfer service activity. On August 29, 2002, Chinese business Association issued Notice about Improvement for Stock Transfer , which would draw the delisting company in the scope of the stock transfer experiment, starting the following measure for delisting, guaranteeing the road for the delisting company. 1.5 The establishment of the delisting legal regime On October 27, 2005 the 18th session of Standing Committee of the 10thNational People's Congress revised and Securities law, abolishing the 157th, 158th items about the stock suspension and termination in original instead of new Securities Law 55th, 56th items which has explicitly authorized the stock exchange with the decision-making power for stock suspension and termination . …
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Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,002 | 0,003 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,003 | 0,003 |
| Études des sciences et des technologies | 0,002 | 0,001 |
| Communication savante | 0,002 | 0,001 |
| Science ouverte | 0,001 | 0,001 |
| Intégrité de la recherche | 0,001 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,003 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».