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在中国证券市场上并非不存在上市公司退出制度。上市公司退出机制引起关注的背后实际上是对 ST、 PT股票价格与价值大幅背离的忧虑 ,对中国证券市场优化资源配置功能难以发挥的担忧。非市场化的政府行为造就了 ST、 PT股票的“幸福生活”,成为上市公司退出机制的最大障碍。因此 ,一个超越“上市公司退出机制”的话题便是中国证券市场的再造。这才是我们讨论“上市公司退出机制”的题中之义
There is no exit system of listed companies in China’s securities market. Behind the concern about the exit mechanism of listed companies is actually concerns about the substantial departure from the value of ST and PT shares and the difficulty of optimizing the allocation of resources in China’s securities market. Non-market-oriented government behavior has created the “happy life” of ST and PT stocks, becoming the biggest obstacle to the exit mechanism of listed companies. Therefore, a topic that goes beyond the “exit mechanism of listed companies” is the reengineering of China’s securities market. This is what we mean by discussing the “exit mechanism of listed companies”