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尽管中国证监会在2014年11月16日颁布的《关于改革完善并严格实施上市公司退市制度的若干意见》中已经明确提出要健全上市公司主动退市制度,但对我国证券市场来说,上市公司主动退市的行为还较为少见。但是,在成熟资本市场尤其是美国,通过私有化进行主动退市的现象相当普遍。美国私有化退市的第一次大规模涌现是在20世纪70年代初,当时美国股市萧条,股票价格大跌,公司股票市值严重低于实际价值,为了利用股票价值被低估的机会获利,大多数上市公司尤其是60年代后期在牛市时上市的公司开始
Although China Securities Regulatory Commission (CSRC) has stated clearly in its “Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies” promulgated on November 16, 2014, it is necessary to improve the voluntary delisting system of listed companies. However, for China’s securities market, Listed companies take the initiative to delisting behavior is still relatively rare. However, the proactive delisting through privatization has become quite common in mature capital markets, especially in the United States. The first large-scale wave of privatization delisted in the United States was in the early 1970s when the U.S. stock market slumped, stock prices plunged, the stock market value of the company was significantly lower than the real value, and to take advantage of the undervalued opportunity of the stock value, Most public companies, especially those listed in a bull market in the late 1960s, started out