论文部分内容阅读
每个国家的资本市场都有上市公司退出制度设计,虽然在具体规定方面存在差异,但从是否自愿的角度来分类,都可以分为强制退市与自愿退市。强制退市发生于非因上市公司意志而导致其不满足上市条件的情形。而自愿退市则是上市公司根据公司的决策机关所做出的决议采取一些资本运作或者措施从证券交易所退出的行为。所谓上市公司私有化退市制度,是指发起方针对目标上市公司发起的,通过要约收购或合并等方式使上市公司股权过于集中、公众持
Each country’s capital market has the exit system design of listed companies. Although there are differences in the specific provisions, the categorization from voluntary perspectives can be divided into compulsory delisting and voluntary delisting. Mandatory delisting occurs in non-listed companies because of their will not meet the conditions of the market conditions. Voluntary delisting, on the other hand, is the act of a listed company taking some capital operation or taking measures to withdraw from the stock exchange according to the resolution made by the decision-making organ of the company. The so-called privatization of listed companies delisting system refers to the sponsor initiated by the target listed company, by way of tender offer or merger so that the ownership of listed companies is too concentrated, the public hold