上市公司退市与投资者保护

退市制度是证券市场制度的重要组成部分,我国现在正推进并完善这一制度。退市是上市公司在资本市场的重大行为,但是它不仅涉及上市公司这一方面,还必然影响投资者的利益。因此,在实践中退市制度能否落实,需要以保护投资者合法利益为前提,否则退市行为得不到投资者的支持。本文分析了退市过程中信息披露充分性、投资者救济途径和投资者司法诉讼成本等三个重要问题,并针对性提出了政策建议。

Listed company retreat from market and investor protection

The delisting rules are important part of the stock market system,China is now working to promote and improve the system.The delisting is the significant behavior of listed companies in the capital markets,but it is not only involving listed companies,but also inevitably affect the interests of investors.Therefore,in practice the delisting rules can be implemented depends on protecting the legitimate interests of investors,otherwise the delisting is not the support of investors.This paper analyzes the information disclosure,judicial remedies and litigation costs of investors in a delisting process,and gives some targeted policy recommendations.