关于建立中国上市公司退出机制的思考

Thoughts on the Withdrawal Mechanism of Listed Companies in China

在中国证券市场上并非不存在上市公司退出制度。上市公司退出机制引起关注的背后实际上是对 ST、 PT股票价格与价值大幅背离的忧虑 ,对中国证券市场优化资源配置功能难以发挥的担忧。非市场化的政府行为造就了 ST、 PT股票的“幸福生活”,成为上市公司退出机制的最大障碍。因此 ,一个超越“上市公司退出机制”的话题便是中国证券市场的再造。这才是我们讨论“上市公司退出机制”

There has existed the withdrawal system of listed companies in China's security market.This causes great difference between the price of ST/PT stooks and their value and prevents the security market from perfecting resources.Thd government's non market orientation has become an obstacle of listed companies' withdrawal.This paper suggests a withdrawal mechanism should be recreated in China security market.