论我国创业板退市程序的完善——兼评《2012年深交所创业板股票上市规则》

On Improvement of the Delisting Procedures of GEM in China—Comments on Rules Governing Listing of GEM Stocks on Shenzhen Stock Exchange(2012 Revision)

完善退市程序具有保障退市机制的公正实现、维护市场主导性、维护市场秩序和市场效率的价值。境外成熟创业板市场的程序监管的集中性,程序执行的阶段性和退市后去向的多样性几个特征,可以为我国所借鉴。我国现行退市程序行政力量过度干预、程序时间冗长、不禁止借壳重组、复核制度流于形式、退出渠道不通畅。我国创业板退市应弱化行政干预、缩短程序时间、完善复核制度、疏通退出渠道。

Improving delisting procedure has the value of making delisting system into reality and maintaining the guiding function, order and efficiency of the market. The concentration of mature GEM procedure regulation abroad, periodic procedure performance and the varieties of solutions to delisting are good for China. In the present delisting procedure in China, there are many problems, including excessive intervention of executive power, lengthy procedure, permissiveness of back door listing, rechecking system of formalism, clogged ways of exit. In other words, the delisting system of GEM in China is supposed to weaken administrative interference, shorten time of procedure, improve the recheckin system and rezulate channels of exit.