我国上市公司强制退市法律制度完善研究——兼评2024年中国证监会《关于严格执行退市制度的意见》  

Rescarch on Perfecting the Forced Delisting System of Listed Companies in China——Including an Analysis of the 2024 CSRC“Opinions on Strictly Enforcing the Delisting System”

作　　者：蒋辉宇[1] 万亚军 JIANG Huiyu;WAN Yajun(Law School,Anhui University of Finance and Economics,Bengbu 233041,China)

机构地区：[1]安徽财经大学法学院,蚌埠233041

出　　处：《中国证券期货》2025年第2期79-88,96,共11页Securities & Futures of China

基　　金：国家社会科学基金项目“注册制全面推行背景下我国资本市场法律制度完善研究”(21BFX120)的阶段性研究成果。

摘　　要：强制退市法律制度作为上市公司的“出口”,对于证券市场的优胜劣汰和资源合理配置起着至关重要的作用,直接关系到我国证券市场能否实现进退有序、及时出清的格局。然而,我国证券市场上市公司退市难、退市慢的问题仍然明显。其根本症结在于强制退市标准总体偏松,强制退市程序冗长、衔接不畅。借鉴域外发达资本市场经验,建议在实体制度方面,增加做市商数量标准以充分体现投资者的意愿,严格制定交易类强制退市标准以强化市场规范性,同时降低财务盈利标准在退市标准中的权重,扩大非量化标准的适用范围,以全面打击规避退市行为;在程序制度方面,缩短甚至直接取消退市整理期限以提高退市效率,同时完善强制退市后的转板衔接规则,确保拟退市公司的平稳过渡。The forced delisting system,functioning as a mechanism for the“export”of listed companies,is pivotal in fostering market dynamism and optimizing resource allocation within the securities market by enforcing the principle of survival of the fittest.which is directly related to whether China’s securities market can realize the orderly and timely clearing pattern.However,there are still difficult and slow delisting problems in China’s securities market.The fundamental obstacle is that the standard of forced delisting is generally loose,the forced delisting procedure is lengthy and the connection is not smooth.Drawing on the experience of developed capital markets outside the region,it is suggested that in terms of entity system,the number of market makers should be increased to fully reflect the will of investors,and mandatory delisting standards for trading should be strictly formulated to strengthen market standardization,while the weight of financial profit standards in delisting standards should be reduced,and the scope of application of non-quantitative standards should be expanded to comprehensively combat delisting evasion.In terms of procedures and systems,shorten or directly cancel the consolidation period to speed up the delisting speed;At the same time,improve the transition rules after forced delisting to ensure the smooth transition of the company to be delisted.

关 键 词：上市公司 强制退市 做市商 非量化标准 整理期 衔接规则 

分 类 号：D922.287[政治法律—经济法学]