近日,新“国九条”明确提出,对欺诈发行的上市公司实行强制退市。明确退市公司重新上市的标准和程序,逐步形成公司进退有序、市场转板顺畅的良性循环机制。在A股市场上,欺诈上市的案例屡见不鲜。尤其是近十年来,经监管部门核实并进入相关程序的案件已接近20起。但是,鲜有上市主体被强制退市(终止上市),违法成本与违法所得几乎不成比例。 Recently, the new “country nine ” made it clear that the listed companies to issue a mandatory fraud delisting. Clear delisting companies to re-listing the standards and procedures, and gradually form an orderly way the company, the market turn for the better the virtuous circle mechanism. In the A-share market, fraud cases are not uncommon. In particular, nearly 20 years have passed since the regulatory authorities verified and entered relevant procedures. However, few listed entities are forced out of the market (termination of listing), the illegal costs and illegal income is almost disproportionate.