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退市制度的规则设计应该以保护投资者利益和提高证券市场效率作为其政策目标。为了实现此目标,退市规则设计可以从三个方面着手:第一,尊重证券公司以及投资者对退市决定的自主判断,针对主动退市和强制退市进行全面的制度设计;第二,尊重上市、退市以及上市公司拯救制度之间的内在一致性,确保没有价值的公司及时退市,有价值而陷入暂时困境的公司能够被投资者发现并得到有效拯救;第三,合理配置证券监管机构和证券交易所在发现违反上市规则的公司以及强制公司退市等方面的权力、义务和责任。
The rules and regulations of the delisting system should aim at protecting the interests of investors and raising the efficiency of the securities market as their policy objectives. In order to achieve this goal, delisting rules can be designed from three aspects: First, to respect the independent judgment of securities companies and investors on delisting decisions, and to conduct a comprehensive system design for active delisting and mandatory delisting; secondly, Respect for the inherent consistency between listing, delisting and the rescue system of listed companies to ensure that no valuable companies exit the market in time, valuable and temporarily distressed companies can be found and effectively rescued by investors; and thirdly, the rational allocation of securities Regulators and stock exchanges have powers, obligations and responsibilities in finding companies that violate the Listing Rules and in forcing companies to delist.