A股“垃圾股”退市难的原因及对策分析

Analysis of the Reasons and Countermeasures for the Difficulties in Delisting A-Shares"Junk Stocks"

退市难一直是A股的难题,退市率极低。由于退市制度设计缺陷、IPO非市场化及监管不到位等原因,致使“垃圾股”的“壳”价值高,上市公司保“壳”冲动高。在当前IPO加速的背景下,科学合理地提高退市率,积极完善退市制度,使A股形成“有进有出”的良性生态环境是亟待解决的问题。

The difficulty of delisting has always been a problem for A-shares,and the delisting rate is extremely low.Due to the deficiencies in the design of the delisting system,the non-marketization of the IPO,and inadequate supervision,the value of the"shell"of"junk stocks"is extremely high,and the impulse of listed companies to protect"shell"is high.Under the background of accelerating the current IPO,scientifically and reasonably increasing the delisting rate,and actively improving the delisting system,so that A-shares will form a benign ecological environment with"in and out"are urgent issues need to be resolved.