CAJ | 학술논문

上市公司是证券市场的最重要主体之一，除了具有普通商事公司的净资产信用外，还具备特殊的信用基础。主要表现为上市公司应当愿意并且能够满足股票持有者尤其是中小投资者实现其投资回报的合理期待。否则，就是缺乏信用。从世界范围来看，股票流动性信用不足，可持续发展信用丧失，信息信用缺失是上市公司退市的根本原因。就此意义而言，上市公司退市标准应当是信用标准，上市公司退市的根本原因是违反信用标准。有基于此，应当以信用为导向重构我国主板退市标准，包括取消最近三年连续盈利标准，代之以最小股票价格标准，引入公司治理标准，增加违反法律法规标准。
상시공사시증권시장적최중요주체지일，제료구유보통상사공사적정자산신용외，환구비특수적신용기출。주요표현위상시공사응당원의병차능구만족고표지유자우기시중소투자자실현기투자회보적합리기대。부칙，취시결핍신용。종세계범위래간，고표류동성신용불족，가지속발전신용상실，신식신용결실시상시공사퇴시적근본원인。취차의의이언，상시공사퇴시표준응당시신용표준，상시공사퇴시적근본원인시위반신용표준。유기우차，응당이신용위도향중구아국주판퇴시표준，포괄취소최근삼년련속영리표준，대지이최소고표개격표준，인입공사치리표준，증가위반법율법규표준。
The listing corporation is one of the most important principal parts in the securities market. In addition to net asset credit which the ordinary business corporations must have, it has special credit basis manifested in that the listing corporation should desire and can meet the reasonable expectations of share-holders, especially minor investors, to realize their return on investment. Otherwise, it is not creditable enough. In the scope of the whole world, credit shortage of stock liquidity, credit loss of sustainable development, and lack of information credit are the fundamental reasons why listing corporations are delisted. In this sense, the delisting standards should be credit standards, and the delisting of the listing corporations is a violation of credit standards. Based on this, we should take the credit orientation as the guide in restructuring China’s main board delisting criteria, including the abolition of profit for the last three years, substitution with the minimum stock price standard, introduction of corporate governance standard, and adding the violation of laws and regulations standard.