强制退市中投资者保护的法律调整

为契合股票发行注册制改革，我国退市制度正朝“常态化”方向稳步推进。在建立常态化退市机制过程中，强制退市制度显然是国家监管层面的改革重心，且已呈现出精细化的发展趋势。然而，我国在公司退市制度中有关投资者保护方面的举措却乏善可陈，已经成为掣肘资本市场健康发展的短板。在我国资本市场高投机性、高换手率、多个人投资者的特定环境下，以先行赔付、股份回购为主要构成的制度体系尚不足以有效保护中小投资者和提振市场信心。鉴此，在完善强制退市制度过程中，应充分发挥独具中国特色的中证投服在投资者保护中的作用，以其在私人执法与公权力监管之间的粘合功能为主线，运用《证券法》赋予的权利征集、磋商协议、申请调解、提起诉讼等权利，以减轻中小投资者维权的成本，强化对投资者权利保护之效果。 

Legal Adjustment of Investor Protection in Compulsory Delisting — From the Perspective of CSISC Shareholding Exercise

In line with the reform of the registration system for stock issuance, China’s delisting system is steadily advancing in the direction of “normalization”. In the process of establishing a normalized delisting mechanism, the mandatory delisting system is clearly the focus of reform at the national regulatory level, and has shown a trend of refinement. However, China’s initiatives on investor protection in the delisting system are lacking and have become a shortcoming that hinders the healthy development of the capital market. In the specific environment of high speculative nature, high turnover rate and many individual investors in China’s capital market, the system mainly composed of early compensation and share buyback is not enough to effectively protect small and medium-sized investors and boost market confidence. In view of this, in the process of improving the mandatory delisting system, the role of CSI Investment Service with unique Chinese characteristics in investor protection should be given full play, with its bonding function between private law enforcement and public regulation as the main line, using the right to collect rights, negotiate agreements, apply for mediation, file lawsuits and other rights granted by the Securities Law, in order to reduce the cost of small and medium-sized investors to defend their rights and strengthen the effect of investor rights protection.