摘要: 一个健康的证券市场需要有合理的制度保障。建立退市制度能够健全资本市场的功能，减轻市场的经营压力，提升市场的积极性，促进市场的竞争力，保障市场的优胜劣汰，打击市场的违法行为，保护投资者尤其是中小投资者的合法权益。
本文分为三个部分。分别为绪论、国内外退市机制的对比以及案例分析。首先对比了境内外证券市场上市公司退市机制的差异，找到我国退市机制存在的问题。然后通过分析实际案例，研究了退市的流程。最终对国内退市机制的不足提出一些完善性的建议。
 
关键词: 证券市场;上市公司;退市制度 
 
Comparison and Improvement of Delisting   system of Listed Companies in China——
Taking *ST Xintai as an Example
 
Abstract:A healthy stock market needs to have a reasonable system of protection. The establishment of the delisting system is conducive to improving the capital market function, reduce the market operating costs, enhance the vitality of the market, improve market competitiveness, is conducive to the survival of the fittest, disciplinary violations, to guide rational investment, to protect investors, especially small and medium investors rights and interests.
This paper is divided into three parts. They are introduction, comparison of delisting mechanism at home and abroad and case analysis. First of all, it compares the differences of delisting mechanism between domestic and international stock markets theoretically and finds the problem. Then, through analysis of actual cases, the process of delisting is studied. Finally, it puts forward some suggestions to improve the domestic delisting mechanism.
Key words: Stock market;Listed companies;Delisting system

目  录

一、绪论  ........................................................................................................................1
（一）研究背景与研究意义  .................................................................................……1
（二）文献综述.................................................................................................……......2
（三）研究方式和论文框架  ..........................................................................................2
二、国内外退市机制的比较与问题分析...……..............................................................3
（一）境外市场的退市机制.............................................................................................5
（二）境内市场的退市机制............................................................................................8
（三）我国退市制度存在的问题分析.……………………………………..………..12
三、我国退市制度的完善…………………………………………………………..13
（一）国外退市制度对完善我国退市制度的启示……………………………….….13
（二）完善我国退市制度的建议………………………………………………….…...14
四、对我国退市制度的案例分析——以*ST欣泰为例.................................................16
（一）公司简介...............................................................................................................16
（二）退市原因..............................................................................................................16
（三）退市过程..............................................................................................................16
（四）对投资者的影响.................................................................................................17
四、总结 ........................................................................................................................18
参考文献.........................................................................................................................19