政策与ESG专题报告：全球主要市场退市制度比较及影响分析

Group 1 - The A-share delisting rate is expected to continue to strengthen, with a significant increase in the annualized delisting rate from 0.16% (2010-2019) to 0.64% post the new listing rules implemented in 2020 [3][56] - In 2023, 45 A-share companies were delisted, with a notable increase in trading and major violation delistings, indicating a shift towards a more diversified delisting framework [3][56] - The current mandatory delisting standards in A-shares need further refinement, particularly in quantitative indicators like market capitalization and shareholder structure, compared to more mature markets like NYSE and NASDAQ [3][56] Group 2 - Governance indicators can assist in identifying delisting risks, with factors such as pledge ratios and litigation counts significantly impacting financial performance and delisting indicators [3][56] - The report highlights that companies with share incentive plans tend to improve revenue and reduce financial delisting risks [3][56] - The analysis of global capital markets reveals that A-share delisting standards are primarily focused on financial metrics, while other markets incorporate a broader range of qualitative governance factors [3][66][93]