论我国创业板退市程序的完善:基于投资者权益保护视角

The Improvement of Delisting Procedures of China's Growth Enterprise Market:from the Perspective of Investor Rights Protection

创业板上市公司退市,无疑会对投资者权益产生重大的影响,如何确保投资者在创业板退市过程中合法权益不受侵害,涉及到方方面面的问题。宏观上如法制环境、市场相关制度1、行政监管、行业自律等,微观上如退市标准和退市程序制度等。其中完备和严格的程序既能保障退市及时、有效地进行,防止退市不畅,又能对退市决定的使用和退市过程加以必要的约束和限制,防止其被滥用。本文通过重点论述海外成熟创业板市场退市程序中的重点程序制度及其之于完善我国创业板退市程序和投资者保护的意义,旨在为我国创业板退市程序建设提供政策建议。

Delisting from growth enterprise market will definitely have great influence on investor rights.How to keep investors from being deprived of legitimate rights during delisting relates to many issues,including macro-level factors such as legal environment,market system,administrative supervision and industry self-discipline,and micro-level factors such as delisting criteria and procedures.A complete and strict set of procedures can not only guarantee efficient delisting,but also set limits to the decision-making of delisting and its process.The article expounds major delisting procedures in mature overseas growth enterprise markets and the significance for China to improve the delisting procedures and investor protection,intending to provide policy suggestions on China＇s establishment of delisting procedures of growth enterprise market.