我国创业板退市制度的构建——以“能上能下”双行道机制为目标

Construction of Second Board Delisting System In China——Aim At"Up and Down"Paths Mechanism

创业板市场的上市,使我国资本市场从最初混乱的"蛮荒时代"开始逐步走向"规范发展",对于我国构建多层次资本市场有着标志性意义。市场竞争中优胜劣汰的自然循环,使得退市成为资本市场规范化发展过程中不可回避的一个问题。海外创业板市场的丰富经验为我国退市制度的构建提供了路径,而为上市企业构建一个能上能下、可进可退的资本市场是这一制度设计的必然目标。

It is a trademark for the establishment of a multi-level capital market that second board goes public. When most people pay attention to the threshold of second board going public and the information disclosure, we cannot afford to ignore about the delisting system building of the emerging market. Rich experiences of second board market overseas provides a path for the estab- lishment of our delisting system, and the logical goal of designing this system is that providing a flexible capital market for listed companies.