我国上市公司“退市难”的制度根源与现实对策  

Delisting Difficulty of China Listed Companies:Theories and Countmeasures

作　　者：张跃文[1] ZHANG Yue-wen(Chinese Academy of Social Sciences,Beijing 100028,China)

机构地区：[1]中国社会科学院金融研究所,北京100028

出　　处：《经济体制改革》2020年第3期116-122,共7页Reform of Economic System

基　　金：中国社会科学院创新工程项目“我国资本市场更好支持实体经济研究”(2020)。

摘　　要：上市公司"退市难"是我国股市的特有现象,不仅产生了广泛的负面影响,而且长期未能得到解决。本文从制度经济学视角剖析"退市难"的深层次原因,证明"退市难"符合我国经济制度的一般演化逻辑;退市制度的供需结构以及制度本身的关联性特征决定了"退市难"难以被轻易解决。在当前市场条件下,单兵突进式的退市制度改革难以取得理想效果且面临巨大阻力。只有采取完善多层次股票市场与退市制度改革相结合的"分层之路",为上市公司创造梯度退市和转板机会,才是解决"退市难"问题的现实路径。Delisting barriers exist in China stock market for almost twenty years.This phenomenon makes extensive and negative impacts.This paper analyzes these delisting difficulties’reason with institutional economic tools and argues that the phenomenon meets the logic of China economic institutions evolution.Because of the supporter structure of delisting system and the correlation characteristics of the system itself,the problem can't be solved by one easy way.Under the current market conditions,the reform of individual breakthrough is difficult to achieve ideal result and faces great resistance.Thus,We have to take the way of multi-level stock market and delisting system reform,creating gradient delisting and conversion opportunities for listed companies.It is the practical way to solve the delisting problem.

关 键 词：退市难 上市公司 股市 退市制度 

分 类 号：F830[经济管理—金融学]