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随着ST炎黄、ST创智终止上市,中国资本市场退市制度的实施总算又迈出了关键一步。但令人啧啧称奇的是,此间,包括*ST武锅B在内的11家公司竟然能不死重生。从《亏损上市公司暂停上市和终止上市实施办法》算起,A股市场施行退市的时间已有12年。时至今日,由于退市指标类型单一、标准不够清晰等原因,退市缺乏可操作性,绩差股退市占比不到3%。去年6月28日,沪深交易所同时发布新的退市制度改革方案,曾让市场看到了希望。然而,人们同时也发现,退市并不能对恶意违规上市公司、尤其是其高管形成有效的威慑。
With ST Yanhuang, ST Chuangzhi listing termination, the implementation of China’s capital market delisting finally took another major step. But what is amazing is that during this period, 11 companies, including * ST Mart B, have survived. From the “loss of listed companies to suspend the listing and termination of the implementation of the Act,” the implementation of A-share market delisting has been 12 years. Today, due to the single type of delisting indicators, the standard is not clear enough and other reasons, delisting lacks maneuverability, the performance of delisting shares delisting accounted for less than 3%. June 28 last year, Shanghai and Shenzhen Stock Exchange also announced a new delisting system reform program, once let the market saw hope. However, people also find out that delisting can not effectively deter malfeasible listed companies, especially their executives.