| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 105 === The delisting mechanism in Taiwan’s capital market has negative effect of listed company, investors, and supervisors. This situation could not improve the quality of company which listed in capital market. To establish the good delisting mechanism is a very important foundation for supervising securities market.
In this study, the delisting mechanism of America, Japan, China, and Taiwan are sorted out and analysis the difference between Taiwan and other four countries. There are some standard used to test the case company. According to empirical result, the standard which is profitability of company has early warning function in case company. It can warn investors the company could have crisis and average 6.27 years early to warn.
According to the main securities market in the world, to amend the delisting mechanism in Taiwan’s capital market, there are some suggestions can consider.
1. Amend new and strict standard to strengthen the delisting mechanism. These standards include profitability, the stock trading, and the shareholding structure.
2. The listing and delisting mechanism have to connect. It could be letting the management of company pay attention on company which is listed and avoid the defect of management.
3. To establish multi-level trading market. It can provide proper trading in secondary market and reduce the loss of shareholders of company which is delisted.
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