法学院知识库

  主动退市是指上市公司向其所属的证券交易所主动申请摘牌从而退市资本市场，是基于公司长远利益的考虑。上市公司选择私有化退市，原因包括无法通过证券市场获得所需融资、降低上市所需费用、减少公司代理费用、节约税收、反恶意收购、最大化公司长期价值等。选择以私有化方式主动退市，在很多国家的资本市场是较为常见的事。

   而中小股东保护问题应当是监管机构在主动退市过程中关注的重点。退市过程中由于信息披露的不完整致使中小股东知情权得不到保障；决议通过标准不合理、未规定中小股东最低出席比例致使中小股东参与决策权得不到保障；规范的现金选择权缺失致使中小股东退出权得不到保障；证券集团诉讼的不完善致使中小股东的救济权得不到保障。因此，建立一套全过程、完整的制度来维护中小股东的个人权益，是上市公司主动退市的题中应有之义。

  上市公司在一些特定的情形下选择主动退市，会提升资本市场的活力，重整公司战略目标。A 股实施注册制后，会有许多上市公司基于有利于本公司的发展方向选择主动退市，在这个过程中我们坚决要保护中小股东的合法权益。但在实践过程中，我们对中小股东权益的保护还不够全面，相关规则还不够完善。在上市公司主动退市过程中，中小股东的知情权、参与权、退出权、救济权等应得到监管机构的重视，以维护资本市场的广大中小投资者的信心。所以，从这个角度深入研究，既现实又迫切。 

  Active delisting refers to the listed company applying for delisting to its affiliated stock exchange to delist from the capital market, which is based on the consideration of the company's long-term interests. Listed companies choose to be private and delisted for reasons including the inability to obtain the necessary financing through the stock market, reducing the costs required for listing, reducing the company's agency costs, saving taxes, anti-hostile takeover, maximizing the long-term value of the company, etc. Voluntary delisting through privatization is a common occurrence in capital markets in many countries.

  However, the protection of minority shareholders should be the focus of attention of regulators in the process of voluntary delisting. Due to incomplete information disclosure in the process of delisting, minority shareholders' right to know is not guaranteed; The adoption standard of the resolution is not reasonable, and the minimum attendance ratio of minority shareholders is not stipulated, resulting in the minority shareholders' right to participate in decision-making is not guaranteed;The lack of standard cash option leads to the minority shareholders' withdrawal right is not guaranteed; The imperfect litigation of securities group makes the right of relief of minority shareholders unguaranteed. Therefore, the establishment of a whole process, complete system to safeguard the rights and interests of small and medium-sized shareholders, listed companies should be in the subject of delisting.

  Listed companies choose to take the initiative to delist in some specific circumstances, will enhance the vitality of the capital market, restructure the company's strategic objectives. After the implementation of the A-share registration system, many listed companies will voluntarily delist based on the development direction of their own companies. In this process, we are determined to protect the legitimate rights and interests of minority shareholders. However, in the process of practice, our protection of minority shareholders' rights and interests is not comprehensive enough, and relevant rules are not perfect enough. In the process of active delisting of listed companies, the right to know, the right to participate, the right to withdraw, the right to remedy, etc. of minority shareholders should be paid attention by the regulators, so as to maintain the confidence of the majority of minority investors in the capital market. Therefore, it is both realistic and urgent to study deeply from this Angle.