ST博元是中国内地首家因信息披露违法而被强制退市的上市公司。但退市制度的完善仅仅停留于个案处理的小修小补是不够的,还需要从整体的宏观视角架构完整的退市制度。既要实现A股市场的优胜劣汰,还要完善对中小股民的保护,这样才能真正实现退市风险的“软着陆”。 ST Bo Yuan is the first listed company in mainland China to be forced out of the market for information disclosure violations. However, it is not enough to improve the delisting system only to handle minor reparations on a case-by-case basis and to construct a complete delisting system from the overall macro-perspective. It is necessary to realize the survival of the fittest in the A-share market, but also improve the protection of small and medium-sized stockholders so that the “soft landing” of delisting risks can really be realized.