摘要:我国创业板自开市运营以来，为一批自主创新企业和成长型创业企业提供了良好的融资途径，为我国经济发展特别是证券市场的发展做出了重要贡献。与此同时，创业板屡屡发生高管套现离职、过度投机、业绩大变脸等不良现象，这对于发展中的年轻市场无疑是致命的。究其原因，罪魁祸首是制度不完善，特别是没有完善的退市制度。我国证券市场由于退出机制的缺失，长期处于有进无出的尴尬境地，现今主板市场退市机制日趋成型，创业板退市制度的完善显得尤为迫切。本文将从以下四个部分进行阐述：第一部分为概述，阐述我国创业板及退市的概念、退市制度的必要性和意义；第二部分比较分析我国创业板退市新旧制度的异同，包括：退市标准、退市程序，退市监管、投资者权益保护等方面；第三部分通过对纳斯达克和英国另类投资市场退市制度的特点和经验进行分析总结，得出启示；第四部分指出本人认为我国创业板退市新制度的不足之处并分别从退市标准、退市程序、投资者权益保护三个方面提出完善设想，以期对完善我国创业创业板退市新制度有所裨益。

关键词：创业板；退市制度；权益

ABSTRACT:The Growth enterprise market (GEM) provides a good financing way to a group of independent innovation enterprises and growing entrepreneurial enterprises, and it makes an important contribution to the economic development especially the securities market of our country, since it is opened operation in our country. At the same time, the GEM has bad phenomena repeatedly which are undoubtedly fatal to a young developing market taking place repeatedly, such as: executives cash turnover, excessive speculation, results about-face etc. Investigate its reason, the culprit is not perfect system, especially delisting system is not perfect. Due to the lack of exit mechanism, securities market in China for a long time has not come out of embarrassment. Now the mainboard market delisting mechanism is forming, the improvement of the gem retreat city system is particularly urgent. This paper will expound from the following four parts: the first part is the summary, it expounds Chinese GEM and the concept, the necessity and significance of Delisting system ; The second part is the comparative analysis of similarities and differences, between the old and the new system of GEM delisting in our country, including: the delisting standards and delisting procedures, delisting regulation, protection of the rights and interests of investors, etc; The third part is analysis and experience summary through to the characteristics of the NASDAQ and the British AIM delisting system, then draw inspiration; The fourth part is my thinking about the new system of GEM delisting and make suggestions respectively from the delisting standards and delisting procedures, protection of the rights and perfect interests of investors three aspects in hope of perfecting the new GEM delisting system.

Keywords：Growth Enterprises Market; Delisting System; The rights and interests