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创业板市场的基本定位决定了其上市公司的频繁进出,而退市制度作为上市公司终止上市的判断准绳,其规定是否合理科学与行之有效将直接决定创业板市场能否健康稳定运行。我国创业板市场尚处于初建阶段,《深圳证券交易所创业板股票上市规则》所规定的退市制度还有待于市场实践的检验。因此,必须借鉴国外成熟创业板市场的发展经验,完善我国创业板市场退市制度,推动多层次资本市场战略稳步前行。
The basic positioning of the GEM determines the frequent entry and exit of its listed companies, while the delisting system as the criterion for the termination of the listing of listed companies. Whether its provisions are reasonable and scientifically effective will directly determine whether the GEM can operate in a healthy and stable manner. China’s GEM market is still in the early stages of construction, “Shenzhen Stock Exchange GEM Stock Listing Rules” under the delisting system has yet to be tested in the market practice. Therefore, we must draw lessons from the development of mature overseas GEM market experience, improve China’s GEM delisting system, and promote multi-level capital market strategy to move forward steadily.