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从1990年12月上海证券交易所和深圳证券交易所相继成立至今,交易所市场已经历了二十三年多的发展。我国退市法律制度在这二十三年中经历了一个前期平淡甚至空白而后期变化相对频繁并逐步完善的变迁。以其中的标志性事件为分界点,可以大致对这二十三年划分为四个阶段。而作为分界点的标志性事件就是1994年《公司法》的颁布实施和2001年PT水仙的退市。严格意义上讲,1994年《公司法》的实施是退市法律制度初步构建的标志,而2001年PT水仙的退市则表明了退市机制的正式启动。本文试对我国上市公司退市法律制度的历史变迁与现状进行梳理与研究,并提出修改完善《证券法》修改规定的建议。
Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in December 1990, the exchange market has experienced more than 23 years of development. In the past 23 years, the legal system of delisting in our country has undergone a period of change that is relatively flat and even blank but relatively frequent and gradually improved in the later period. With the landmark events as the dividing point, we can roughly divide the Twenty-three Years into four stages. The landmark event as the demarcation point is the promulgation and implementation of the Company Law of 1994 and the delisting of PT Narcissus in 2001. Strictly speaking, the implementation of the Company Law in 1994 is a sign of the initial construction of the delisting legal system. The de-listing of PT Narcissus in 2001 indicates the official launch of the delisting mechanism. This paper tries to sort out and study the historical changes and the status quo of China’s listed companies delisting legal system, and puts forward some suggestions on revising and improving the “Securities Law”.