完善创业板退市制度真正建立优胜劣汰的市场机制

进一步完善创业板退市制度，健全市场退出机制，是创业板市场持续、稳定、健康发展的重要制度保障，不但有利于增强对劣质公司的威慑力和制约力，提升创业板公司整体质量，强化市场约束，净化市场环境，从而真正建立优胜劣汰的市场机制，而且有利于引导投资者牢固树立审慎的投资理念，进行更理性的投资，切实增强投资者的风险意识，警惕创业板的退市风险，从而维护投资者尤其是广大中小投资者的合法权益。通过考察海外证券市场退市制度改革的发展趋势，阐述我国创业板退市制度的主要特点，然后分析了我国证券市场现行退市制度存在的主要弊端，最后有针对性地提出了完善我国创业板退市制度、健全市场退出机制的政策建议以及相关的配套措施。

Improving the market exit mechanism of GEM,really establish the market mechanism of the survival of the fittest

Perfect the market exit mechanism is an important institutional guarantee for the sustained, stable and healthy development of GEM. The market exit mechanism will improve the overall quality of GEM companies and finally establish the market mechanism of the survival of the fittest. This article studied the trend of the reform of market exit mechanism in the overseas stock market, elaborated the main features of the market exit mechanism in the GEM market in China and put forward several policy recommendations to perfect the market exit mechanism of GEM.