放眼全球,股票退市制度是任何一个证券市场健康发展的基石,其重要性不亚于发行制度。只有在“有进有退”的证券市场,优胜劣汰的市场机制和市场化配置资源的功能才能得到充分有效的发挥。退市制度的建设是一项系统性工程,包括退市风险警示、暂停上市、终止上市、退市后股票流通转让、恢复上市等一系列配套制度安排。然而,非市场化的股票发行机制长期存在、中小投资者保护机制不完善、地方保护主义盛行等种种问题使得我国上市公司鲜少退市,因此我国证券市场 Looking global, stock delisting system is the cornerstone of the healthy development of any securities market, its importance is no less than the issuance system. Only in the securities market where there is “entry and exit,” the market mechanism for survival of the fittest and the market-oriented allocation of resources can be fully and effectively demonstrated. The delisting system is a systematic project that includes a series of supporting institutional arrangements such as delisting risk warning, suspension of listing, termination of listing, delisting of shares after the delisting, and the resumption of listing. However, the non-market stock issuance mechanism has existed for so long, the imperfect protection mechanism of small and medium-sized investors, the prevalence of local protectionism and other problems made it rare for the listed companies in our country to withdraw from the market. Therefore,