上市公司退市机制 证券市场必须是双向开放、有进有出的市场。但我国沪深股市资不抵债的上市公司却存在退出障碍,证券市场基本表现为一个单项扩容的半封闭式的市场,只有单一的吸纳功能,而尚未真正有效地发挥排放功能。 目前,中国证券市场在上市公司暂停上市和终止上市的制度上已经做了一些规定。但还存在法律上的不明确和制度上的一些缺陷,退市仍存在较大的障碍。 Delisting mechanism of listed companies Securities market must be two-way open, there are Jin out of the market. However, the listed companies insolvent in Shanghai and Shenzhen stock markets have the barriers to exit. The stock market basically manifests itself as a semi-closed market with a single expansion. It has only a single absorption function and has not really been able to effectively play a role in emission. At present, China’s securities market has made some provisions on the system of suspension of listing and termination of listing of listed companies. However, there are still some legal deficiencies and some system defects. There are still some big obstacles to delisting.