我国证券市场经过了 10年的发展，筹集资金和配置资源等市场功能得到了较好发挥，以《公司法》、《证券法》为主体的证券市场法律体系已经建立，市场的风险控制能力不断增强，但市场的不成熟特征仍十分明显，其中上市公司缺乏退出通道或退出受阻现象尤为显著。以 1999年为例， After 10 years of development in China’s securities market, the market functions such as raising funds and allocating resources have been well played. The securities market legal system with “Company Law” and “Securities Law” as the main body has been established and the market has the ability of risk control However, the immature characteristics of the market are still very obvious. Among them, the lack of exit or exit of listed companies is particularly notable. Take 1999 as an example.