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退市机制的有效运行离不开合理可行的退市标准,并且与市场发展、投资者风险承受能力、退市配套制度等密切相关。境外市场的成熟度、司法环境、投资者的投资理念、对风险的承受力等虽与我国存在一定差异,但其相关经验可为我国证券市场提供一定参考。一、境外资本市场退市制度比较(一)退市标准退市标准通常与上市标准相对应,上市标准的制定与新股发行制度、市场定位等多方因素相关。
The effective operation of delisting mechanism is inseparable from the reasonable and feasible delisting standard, and closely related to market development, investor risk tolerance and delisting supporting system. The maturity of the overseas market, the judicial environment, the investment philosophy of investors and the bearing capacity of risk, although there are some differences with our country, but its relevant experience can provide some reference for China’s securities market. I. Comparison of delisting system of overseas capital markets (I) Standard of delisting The standard of delisting is usually corresponding to the listing standard. The formulation of listing standards is related to various factors such as the system of issuing new shares and market positioning.