从2001年PT水仙被强制退市开始到2007年底,共有43家公司因业绩问题被退市。表面上看,这些公司都是因为业绩不佳而被退市,而实际上业绩仅仅是作为结果而呈现出来的现象,背后更多的是公司治理机制问题。本文从内部治理机制的3个主要方面探讨了这些公司内部治理机制的特征,认为治理机制欠佳才是导致这些上市公司退市的最终原因。 From 2001 PT Narcissus was forced to delisting until the end of 2007, a total of 43 companies were delisted because of performance issues. On the surface, these companies are delisted because of poor performance, but in fact the performance is only as a result of the phenomenon presented, behind more is the issue of corporate governance mechanism. This paper discusses the characteristics of the internal governance mechanisms of these companies from the three aspects of the internal governance mechanism, and considers that the poor governance mechanism is the ultimate reason for the delisting of these listed companies.