创业板的设立为我国中小企业带来新的发展契机,也是我国资本市场多层次化的重要措施之一。在为创业板市场量身定做准入条件、保荐人制度和信息披露等制度的同时,构建其特有的退出机制同样重要。本文首先分析了建立创业板退出机制的必要性,再分别从转市制度、暂停上市制度和退市制度三方面对创业板的退出机制进行了法律构建。 The establishment of the GEM brings a new opportunity for the development of SMEs in our country and is also one of the important measures for the multi-level capital market in our country. While tailoring entry conditions, sponsor systems and information disclosure systems for the GEM, it is equally important to build its own exit mechanism. This article first analyzes the necessity of setting up the exit mechanism of GEM, and then constructs the law of exit mechanism of GEM from three aspects: the transfer market system, the suspension of listing system and the delisting system.