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强制退市权应是社会公法上的权力,在证券监管权力变革的路径依赖下,我国交易所的强制退市权来自于国家监管权力的下放,在为解决政府失灵问题而引入市场机制的前提下,应当尊重我国的实际国情,更加重视自律监管的作用。强制退市权的分配在新形势下应当遵循权力下放原则、行政监督原则与法律保障原则。保护社会公共利益、确保交易所盈利、提升交易所市场竞争力是实施强制退市制度的基本目标,社会公共利益具有优先地位,强制退市的裁量权分配与行使应以社会公共利益为本位。强制退市制度是注册制的重要配套措施,两者具有极为紧密的联动关系,在注册制改革形势下,明确证监会在强制退市中的权力界限、保障强制退市权的独立行使、丰富并完善以数量标准为主的退市规则以及进一步完善重大违法退市是改革的重中之重。
Mandatory delisting right should be the power of social public law. Under the path of the reform of securities regulatory power, the mandatory delisting of our country’s exchange comes from the decentralization of national regulatory power. Under the premise of introducing market mechanism to solve the problem of government failure, , We should respect our actual national conditions and pay more attention to the role of self-regulatory supervision. Under the new situation, the distribution of compelling delisting should follow the principle of decentralization, the principle of administrative supervision and the principle of legal guarantee. The protection of social and public interests, to ensure that the exchange earnings and enhance the competitiveness of the exchange market is the basic goal of the implementation of the mandatory delisting system, social and public interests have a priority, the mandatory right to delist the distribution and exercise of discretion should be based on the public interest in the community. The mandatory delisting system is an important supporting measure for the registration system. Both of them have a very close linkage. Under the situation of the registration system reform, it is necessary to make clear the limits of the CSRC’s power to withdraw from the market, guarantee the independent exercise of the mandatory delisting rights, and enrich Improve the delisting rules based on quantitative criteria and further improve the delisting of major illegalities is the top priority of the reform.