【作者】 张军；

【导师】 张竞芳；

【作者基本信息】 郑州大学 ， 法律硕士（法学）（专业学位）， 2016， 硕士

【摘要】 证券市场的健康发展需要有完善的上市公司退市制度做保障。一个健全的上市公司退市制度不仅能够促进证券市场的可持续发展,使得金融市场上的资源得到优化配置,还可以提升上市公司的经营效率,调整上市公司的治理结构使其趋向合理化,当然也可以起到保护投资者利益的重要作用。我国证券市场从建立至今,已有长足的发展,但相较于国外成熟资本市场来说还有很大差距,各项制度还不是很健全,退市制度的建设依然任重而道远。虽然我国的《公司法》、《证券法》以及中国证监会和沪、深两大证券交易所都对上市公司退市制度制定了一些新的规定,这些规定使得我国的退市制度体系得到了相对充实的构建,但因为我国证券市场尚处于发展期,实践中退市制度优化资源的功能并没有得到充分发挥。2014年中国证监会正式发布了《退市意见》,它的出台意味着中国股市将开启新的退出通道。2015年第十二届全国人民代表大会常务委员会会议决定将核准制改为注册制。这些新规定不仅关系到上市公司上市的问题,关于上市公司退市也需做出相应的配套法律调整。在注册制改革的背景下,本文拟从四个方面对上市公司退市制度进行研究。第一部分主要是对上市公司退市制度的基本理论问题进行阐述,在对我国上市公司退市制度概念界定的基础上,对其特征进行概括。分析上市公司退市的原因,以及退市的形式:主动退市和被动退市。最后阐述了上市公司退市制度在优化资源配置、提高上市公司整体质量、保护投资公众等方面的价值。第二部分是分析我国上市公司退市制度的现状及问题。在介绍我国上市公司退市制度立法和实践现状的基础上,进而分析我国上市公司退市制度存在的问题。第三部分是国外上市公司退市制度的比较分析。通过对英美法系和大陆法系代表性国家的上市公司退市制度进行系统的介绍,总结国外上市公司退市制度在退市标准和程序上共性和差异,并和我国现行规定的上市公司退市制度进行比较,以期能为我国上市公司退市制度的完善提供有益的参考。第四部分是对我国上市公司退市制度的完善建议。这部分以我国目前上市公司退市制度的实施现状和存在问题为切入点,结合注册制、退市意见等相关法律规定提出建议,具体从三个方面来展开,首先是建立合理多样化的法定指标,其次是加强退市规则的执行力度,最后是完善相关的其他配套制度建设。更多还原

【Abstract】 The healthy development of the securities market needs to improve the listing Corporation to do the security of the delisting system.A sound of the listed company delisting system can not only promote the sustainable development of the securities market, makes the financial market resources allocation, also can enhance the operating efficiency of listed companies, adjustment of listed company’s governance structure to make it tends to be reasonable, of course, also can be to play a important role to protect the interests of investors. China’s securities market from the establishment of so far, has made considerable progress, but compared with foreign mature capital market, there is still a big gap, the system is not very sound, delisting system construction still has long way to go. Although China’s current the promulgation of the "company law", "Securities Law" and the China Securities Regulatory Commission and the Shanghai and ShenZhen two stock exchanges of delisting system of listed company developed a number of new Provisions, these Provisions of the delisting system of our country has been relatively substantial construction, but because of China’s securities market is still in the development stage,in practice the delisting system optimization function of resources has not been fully play. 2014, the China Securities Regulatory Commission officially released the delisting opinions, which means that China’s stock market will open a new exit channel. 2015, the Twelfth National People’s Congress Standing Committee meeting decided to approve the system to register. These new regulations are not only related to the listing Corporation listed on the issue, the listing Corporation also need to make the relevant laws and regulations to adjust the relevant laws.Under the background of the reform of the registration system, this paper intends to study the listing Corporation delisting system from four aspects. The first part is mainly about the basic theory of listing Corporation delisting system, on the basis of the definition of the concept of listing Corporation in our country, the characteristics are summarized. Listing Corporation, the reasons for the delisting of the, as well as the form of delisting: active delisting and passive delisting. In the end, the paperexpounds the value of listing Corporation delisting system in optimizing the allocation of resources, improving the overall quality of the listing Corporation, and protecting the public and so on. The second part is the analysis of the current situation and problems of listing Corporation in our country. On the basis of the present situation of legislation and practice of the delisting system of listing Corporation in China, and then analyzes the existing problems of listing Corporation in our country.The third part is the comparative analysis of the withdrawal system of listing Corporation in foreign countries.System of Anglo American law system and continental law on behalf of the state of delisting system of listed companies through the introduction, summarizing the overseas delisting system of Listed Companies in the delisting standards and procedures for the similarities and differences and with our current law of delisting system for comparison, in order to provide a useful reference for China’s listed companies delisting system perfect. The fourth part is about the improvement suggestions of the listing Corporation delisting system in our country. This part of the relevant laws and regulations of the status of implementation of the delisting system of listed company and problems as the starting point,combined with the registration system, delisting opinions suggestions, concrete from three aspects to launch. The first is to establish reasonable diverse legal index. The second is to strengthen the enforcement of delisting rules, finally is to improve the relevant supporting measures related to the construction.更多还原