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摘要上市公司退出机制的不完善，一直是困扰我国资本市场健康发展的主要问题之一。2001年我国上市公司退市机制正式启动，目的在于推动我国资本市场健康发展，但从退市制度的实际运行情况来看，其实际效果和预期相差甚远，许多本应退出市场的垃圾股却在市场上大行其道，甚至受到市场追捧。45371
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针对这一问题，我国证券监管机构也推出了一系列的措施完善退市制度，努力解决这一问题，但是效果并不明显。因此，如何妥善解决这一问题，打破上市公司“只生不死”的局面，成为各界人士密切关注的一个话题。
本文主要通过比较国际成熟证券市场退市制度的设计和实施情况，并结合我国退市制度现状，为我国上市公司退市制度的发展提供几点建议。虽然，退市制度的实施在短期内会给证券市场造成一定冲击，但这却是我国证券市场发展的必经之路，对于我国证券市场健康发展有重要的意义，同时也使更多的市场参与者从中受益。
[毕业论文关键词]：退市标准；退市程序；市场化；法制化
Abstract
Listed companies exit mechanism is imperfect, has been one of the main problems plagued the healthy development of China's capital market. 2001 China's listed companies delisting mechanism was officially launched, aimed at promoting the healthy development of China's capital market, but the actual operation of the system in terms of delisting, the actual results and expected far, many of the junk stocks should be withdrawn from the market, but in popular on the market, and even sought after by the market.
To solve this problem, China's securities regulators have launched a series of measures to improve the delisting system, efforts to solve this problem, but the effect is not obvious. Therefore, how to properly resolve this problem, breaking the listed company "had only dead," the situation has become a topic of public pay close attention.
In this paper, by comparing the international securities markets mature delisting system design and implementation, combined with the current situation of the delisting system, to provide some suggestions for the development of China's listed companies delisting system. Although the implementation of the delisting system in the short term the stock market will have a certain impact, but it is the only way for the development of China's securities market, and for the healthy development of China's securities market is significant, but also to more markets Participants benefit from it.
[Key Words]：Delisting criteria; delisting procedures; Market; legalization
目 录
摘 要Ⅰ
AbstractⅡ
一、绪论1
1.研究背景1
2.研究目的2
二、我国退市制度发展历程2
1.我国退市制度发展历程2
2.我国退市制度的发展特点3
（1）证券市场发展初期退市制度“缺失”的影响3
（2）退市制度具体“实施细则”中存在的漏洞4
（3）退市程序相应“配套制度”的缺陷4
（4）相关法律法规的修订和补充5
（5）2006年《证券法》与《公司法》修订对退市制度的影响5
三、我国退市制度现状6
1.退市标准6
2.退市程序6
（1）我国退市程序的现状——以“*ST长油退市”为例6
（2）退市程序中对于“补充材料期限”的规定8
（3）公司退市后的制度安排8
3.2014年上市公司退市制度改革8
四、我国上市公司退市制度存在的问题及对策9
1. 上市公司存在“重大违法行为”被强制退市9
（1）“内幕交易”和“操作股价”等重大违法行为9
（2）“欺诈发行”和“信息披露严重违法”重大违法行为10