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作为资本市场一项基础性制度,上市公司退市无疑是证券市场实现动态运作的重要一环。2014年11月16日,我国《关于改革完善并严格实施上市公司退市制度的若干意见》正式施行,被称为“史上最严退市制度”。由此,公司退市后的去向——退市路径问题,也因事关企业后续融资发展和投资者保护而凸显重要性。本文在梳理我国资本市场结构和上市公司退市现状的基础上,根据制度改革内容分析退市制度的路径设计,提出进一步完善股权代办转让系统、推动场内场外转板等建议,以构建多层次资本市场体系,平稳有效承接退市制度改革。
As a basic system of capital market, delisting of listed companies is undoubtedly an important part of the dynamic operation of the stock market. On November 16, 2014, China’s “Several Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies” was officially implemented and was called “the most stringent delisting system in history”. As a result, the company’s delisting after the delisting - the delisting route issues, but also because of the follow-up financing for corporate development and investor protection highlights the importance. On the basis of combing the capital market structure and delisting of listed companies in our country, this paper analyzes the path design of delisting system according to the content of system reform, proposes some suggestions to further improve the system of transfer of equity agency, Level capital market system, smooth and effective to undertake delisting system reform.