随着注册制的即将出台,我国企业进入场内市场上市的数量必将日益增加。然而证券市场应当有进有出,新陈代谢,才能保持活力和清洁。注册制作为一个综合性制度既应包括如何进,也要包括如何出,只有进出顺畅才能使得市场资源有效配置作用的发挥得到保障。上市公司的退市与转板在现有规则下已经有所规定,但是还存在着退市与转板的路径单一、可操作性不强、作为基础的多层次资本市场结构不合理等问题。通过对域外资本市场考察借鉴,本文认为我国的退市与转板的制度可以从加强实质性多层次资本市场建设、增加强制退市与转板的出口的可选择性和加快升级转板制度建设三个方面加以完善。 With the imminent introduction of the registration system, the number of Chinese enterprises entering the market will surely increase day by day. However, the stock market should have its own advantages and to maintain its vitality and cleanliness. Registration as a comprehensive system should include both how to proceed as well as how to get out. Only by moving in and out smoothly can the effective allocation of market resources be guaranteed. The delisting and transfer of listed companies have been stipulated under the existing rules, but there are still some problems such as a single route of delisting and transfer of board of directors and poor operability as well as the unreasonable structure of the multi-level capital market as the basis. Through the study of foreign capital markets, this paper argues that the delisting and transfer system in our country can strengthen the construction of substantial multi-level capital market, increase the selectivity of forced exit and transfer of exports and accelerate the construction of transfer system Three aspects to be improved.