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退市制度是资本市场进行优胜劣汰、吐故纳新的基础性制度安排之一。从2001年A股退市制度实施至今,累计有77家公司退市,其中30家是主动退市。总体上看,退市制度大多流于空转状态,没有发挥其应有的作用。缺乏有效退市制度的A股,造成某些垃圾股成为不死鸟,壳资源大行其道,不时成为市场追逐的热点。这无疑催生出劣币驱逐良币的效应,炒作之风盛行,理性投资难以得到合理激励。
The delisting system is one of the basic institutional arrangements for the survival of the fittest and the withdrawal of capital in the capital market. Since the implementation of the A-share delisting system in 2001, a total of 77 companies have been delisting, of which 30 are actively withdrawing from the market. Generally speaking, most of the delisting systems are in an idle state and have not played their due role. Lack of an effective delisting system of A shares, resulting in some junk stocks become Phoenix, shell resources popular, from time to time to become the hot pursuit of the market. This undoubtedly gave birth to the effect of bad money driven by good money. The speculation prevailed, and rational investment was hard to be reasonably motivated.