退市制度的完善,仅仅停留于个案处理的小修小补是不够的,还需要从整体的宏观视角构建完整的退市制度。既要实现A股市场的优胜劣汰,还要完善对中小股民的保护。在*ST博元之前,虽然之前已经有了针对上市公司的退市标准,但是在实际执行层面却不尽如人意。与国外成熟资本市场相比,我国退市公司数量比例畸低。仅以2011年为例,主要的欧美交易所 With the improvement of the delisting system, it is not enough to just stay in the minor repairs handled by individual cases. It is also necessary to construct a complete delisting system from the overall macro perspective. It is necessary to achieve the survival of the fittest A-share market, but also improve the protection of small and medium investors. Prior to * ST Bo Yuan, although there had been previously delisting standards for listed companies, but the actual implementation level is not satisfactory. Compared with mature foreign capital markets, the proportion of China’s delisting companies is extremely low. Only in 2011, for example, the major European and American exchanges