證監會(hui)公(gong)布《關于改革完善并嚴格實施(shi)上(shang)市公(gong)司退市制(zhi)度的若干意見(jian)》向(xiang)社會(hui)征求(qiu)意見(jian)，其中提出(chu)主動(dong)退市制(zhi)度，筆者認為，目前主動(dong)退市制(zhi)度用場還(huan)不大，而且主動(dong)退市制(zhi)度也還(huan)有完善必要。

A股(gu)市(shi)(shi)場談主動(dong)退(tui)市(shi)(shi)稍微有(you)點勉強(qiang)。除了(le)中國石(shi)化(hua)整(zheng)合旗下上(shang)市(shi)(shi)子公(gong)(gong)司(si)時(shi)讓齊魯(lu)石(shi)化(hua)主動(dong)退(tui)市(shi)(shi)等(deng)個別案(an)(an)例外，其(qi)他鮮有(you)主動(dong)退(tui)市(shi)(shi)案(an)(an)例，而(er)齊魯(lu)石(shi)化(hua)案(an)(an)之所以(yi)發(fa)生也(ye)是因(yin)為(wei)國企有(you)本錢進行(xing)退(tui)市(shi)(shi)整(zheng)合。一(yi)般(ban)(ban)上(shang)市(shi)(shi)公(gong)(gong)司(si)主動(dong)要求退(tui)市(shi)(shi)，除非(fei)腦(nao)袋進水，因(yin)為(wei)制(zhi)度不(bu)(bu)完(wan)善和(he)定價功能(neng)(neng)不(bu)(bu)能(neng)(neng)正常發(fa)揮，在(zai)A股(gu)上(shang)市(shi)(shi)利(li)益很(hen)多，成本很(hen)小。留在(zai)股(gu)市(shi)(shi)能(neng)(neng)享受的(de)好處舉不(bu)(bu)勝舉，境(jing)況好點的(de)可以(yi)持(chi)續再融(rong)資;業(ye)(ye)績一(yi)般(ban)(ban)或者虧損的(de)也(ye)可以(yi)定向增發(fa)、定向增發(fa)沒(mei)有(you)業(ye)(ye)績門檻;淪(lun)落(luo)到快退(tui)市(shi)(shi)地步的(de)上(shang)市(shi)(shi)公(gong)(gong)司(si)也(ye)可以(yi)進行(xing)重(zhong)大(da)重(zhong)組或賣殼，重(zhong)大(da)重(zhong)組同(tong)時(shi)甚(shen)至還(huan)可配套再融(rong)資再猛咬股(gu)市(shi)(shi)一(yi)口。而(er)上(shang)市(shi)(shi)公(gong)(gong)司(si)需(xu)要承擔(dan)什么義(yi)務(wu)(wu)?除了(le)信息披露(lu)之外，目前還(huan)真看不(bu)(bu)出有(you)什么強(qiang)制(zhi)性義(yi)務(wu)(wu)，連(lian)分紅(hong)這種義(yi)務(wu)(wu)也(ye)可巧妙逃避化(hua)之于無(wu)形，或者來個每股(gu)分0.0008元的(de)無(wu)恥式分紅(hong)。

為推動(dong)主動(dong)退市，《若干(gan)意(yi)見》提(ti)出交易(yi)所可以(yi)(yi)通過(guo)設定差異化的(de)上(shang)(shang)(shang)市年費、提(ti)高信息(xi)披(pi)露要(yao)求(qiu)等(deng)經(jing)濟或(huo)者自(zi)律方(fang)式，加大存在強制(zhi)(zhi)退市可能的(de)上(shang)(shang)(shang)市公司維持(chi)上(shang)(shang)(shang)市地位(wei)的(de)成本(ben)。筆者認為這個思路只是一個輔助性(xing)(xing)措施，難以(yi)(yi)產生較(jiao)大作用，退市制(zhi)(zhi)度核(he)心(xin)仍應該是強制(zhi)(zhi)退市。要(yao)真正讓一般上(shang)(shang)(shang)市公司也(ye)產生主動(dong)退市意(yi)愿(yuan)，必須從(cong)改革股市基礎(chu)性(xing)(xing)制(zhi)(zhi)度入手，讓上(shang)(shang)(shang)市公司享受的(de)權利大幅降低，強化其應該承擔的(de)剛性(xing)(xing)義務。具體改革舉措包括提(ti)高再融(rong)資門(men)檻、嚴控重(zhong)大重(zhong)組、禁止(zhi)借殼(ke)上(shang)(shang)(shang)市或(huo)者變相賣殼(ke)等(deng)，否(fou)則主動(dong)退市只是虛張聲勢、名(ming)不(bu)副實。

如(ru)何有效(xiao)降低發(fa)行人的權利(li)?《若干意見》規定(ding)“限制相(xiang)關主體股(gu)份減持行為”，上(shang)市公(gong)(gong)司(si)IPO資料、再(zai)融(rong)資申(shen)請資料、借殼上(shang)市申(shen)請文件等有虛假陳(chen)述的，在形成案件調查結論(lun)前，控股(gu)股(gu)東(dong)等應當暫停轉讓股(gu)份;筆者(zhe)建議這條舉(ju)措可以適當拓展，比如(ru)若上(shang)市公(gong)(gong)司(si)上(shang)年(nian)度業績虧損，控股(gu)股(gu)東(dong)、董監高等來年(nian)不允許減持，或者(zhe)規定(ding)不允許其在“凈資產”價位之上(shang)減持，防止其單純在二級市場炒作股(gu)價套利(li)。

要實行(xing)主動(dong)退市(shi)(shi)，其中一(yi)個關鍵問題就是做(zuo)好中小投資者利益(yi)保護。這方面成熟市(shi)(shi)場(chang)有(you)些規(gui)定(ding)(ding)(ding)值得借鑒，比如(ru)德國規(gui)定(ding)(ding)(ding)，上(shang)市(shi)(shi)公(gong)司主動(dong)退市(shi)(shi)須由(you)(you)股(gu)(gu)東(dong)(dong)(dong)大(da)會作出(chu)決(jue)(jue)議(yi)(yi)(yi);公(gong)司或(huo)公(gong)司大(da)股(gu)(gu)東(dong)(dong)(dong)必須向少數股(gu)(gu)東(dong)(dong)(dong)發出(chu)全值收購股(gu)(gu)票(piao)的(de)要約(yue);規(gui)定(ding)(ding)(ding)少數股(gu)(gu)東(dong)(dong)(dong)有(you)權就收購要約(yue)價(jia)格的(de)適當性提(ti)出(chu)訴訟上(shang)的(de)審查。我國《若干意(yi)見》也(ye)規(gui)定(ding)(ding)(ding)并(bing)須經出(chu)席會議(yi)(yi)(yi)的(de)股(gu)(gu)東(dong)(dong)(dong)所持表(biao)決(jue)(jue)權的(de)三(san)分之(zhi)(zhi)二以上(shang)通(tong)過(guo)(guo)，且(qie)(qie)有(you)關聯關系的(de)股(gu)(gu)東(dong)(dong)(dong)應當回避表(biao)決(jue)(jue);目前(qian)一(yi)般股(gu)(gu)東(dong)(dong)(dong)大(da)會普通(tong)決(jue)(jue)議(yi)(yi)(yi)由(you)(you)二分之(zhi)(zhi)一(yi)以上(shang)表(biao)決(jue)(jue)權通(tong)過(guo)(guo)即可、特別決(jue)(jue)議(yi)(yi)(yi)需(xu)由(you)(you)三(san)分之(zhi)(zhi)二以上(shang)通(tong)過(guo)(guo)，但基于退市(shi)(shi)涉及(ji)中小股(gu)(gu)東(dong)(dong)(dong)最為切身利益(yi)，或(huo)許應該打破慣例，進(jin)一(yi)步(bu)提(ti)高(gao)決(jue)(jue)議(yi)(yi)(yi)通(tong)過(guo)(guo)門檻，比如(ru)可規(gui)定(ding)(ding)(ding)應由(you)(you)四分之(zhi)(zhi)三(san)以上(shang)與會表(biao)決(jue)(jue)權通(tong)過(guo)(guo)，且(qie)(qie)必須提(ti)供網絡(luo)表(biao)決(jue)(jue)方式。

當前主(zhu)(zhu)動退(tui)市情(qing)(qing)形(xing)(xing)(xing)包括七(qi)種(zhong)(zhong)(zhong)，第(di)(di)一種(zhong)(zhong)(zhong)情(qing)(qing)形(xing)(xing)(xing)是(shi)上市公(gong)司無需特(te)別理(li)由(you)，主(zhu)(zhu)動申請退(tui)市，第(di)(di)二種(zhong)(zhong)(zhong)、第(di)(di)七(qi)種(zhong)(zhong)(zhong)與此基(ji)本類似(si)，也(ye)是(shi)沒(mei)有觸(chu)及退(tui)市紅線實(shi)打實(shi)的主(zhu)(zhu)動退(tui)市;第(di)(di)三、第(di)(di)四、第(di)(di)五種(zhong)(zhong)(zhong)是(shi)上市公(gong)司回(hui)(hui)購(gou)、投資(zi)(zi)者向其他股(gu)(gu)東(dong)(dong)發出收購(gou)要約等導致不符合上市條件、沒(mei)有上市主(zhu)(zhu)體(ti)資(zi)(zi)格;第(di)(di)六種(zhong)(zhong)(zhong)是(shi)上市公(gong)司因新設合并或(huo)者吸收合并，不再具有獨立主(zhu)(zhu)體(ti)資(zi)(zi)格并被注銷(xiao)。目前《公(gong)司法》第(di)(di)142條規定(ding)了“對股(gu)(gu)東(dong)(dong)大會作出的公(gong)司合并、分(fen)立決議(yi)持異(yi)議(yi)，要求(qiu)公(gong)司收購(gou)其股(gu)(gu)份”，也(ye)即第(di)(di)六種(zhong)(zhong)(zhong)情(qing)(qing)形(xing)(xing)(xing)的主(zhu)(zhu)動退(tui)市中(zhong)小(xiao)股(gu)(gu)東(dong)(dong)利益(yi)基(ji)本有保(bao)障(zhang)，擁有異(yi)議(yi)股(gu)(gu)東(dong)(dong)回(hui)(hui)購(gou)權;另外第(di)(di)三、第(di)(di)四、第(di)(di)五種(zhong)(zhong)(zhong)由(you)于(yu)回(hui)(hui)購(gou)或(huo)者收購(gou)要約，中(zhong)小(xiao)股(gu)(gu)東(dong)(dong)利益(yi)也(ye)基(ji)本有保(bao)障(zhang);最(zui)關(guan)鍵的是(shi)第(di)(di)一、第(di)(di)二、第(di)(di)七(qi)種(zhong)(zhong)(zhong)情(qing)(qing)形(xing)(xing)(xing)，筆者認(ren)為針對這些(xie)情(qing)(qing)形(xing)(xing)(xing)，可規定(ding)必須由(you)公(gong)司大股(gu)(gu)東(dong)(dong)向少數股(gu)(gu)東(dong)(dong)發出全值收購(gou)股(gu)(gu)票的要約，或(huo)者《公(gong)司法》第(di)(di)142條也(ye)應將其納入(ru)賦(fu)予異(yi)議(yi)股(gu)(gu)東(dong)(dong)回(hui)(hui)購(gou)權情(qing)(qing)形(xing)(xing)(xing)。

當然，此時回購價(jia)或要(yao)約(yue)價(jia)如何確定也是很關鍵。對由(you)(you)上市公司(si)回購，可由(you)(you)公司(si)與(yu)股(gu)(gu)東(dong)協商回購價(jia)格(ge)，或者(zhe)提請法院確定。對大股(gu)(gu)東(dong)要(yao)約(yue)收購的(de)，德國聯邦(bang)最高(gao)法院認為(wei)中(zhong)小(xiao)股(gu)(gu)東(dong)將獲得交(jiao)易(yi)所牌價(jia)作為(wei)底線的(de)股(gu)(gu)票交(jiao)易(yi)價(jia)值(zhi)或者(zhe)是體現在股(gu)(gu)票中(zhong)的(de)企業價(jia)值(zhi)，二者(zhe)取其(qi)高(gao)值(zhi)。筆者(zhe)覺得A股(gu)(gu)市場不妨規(gui)定為(wei)(主動退市)申請提出前(qian)六個月內(nei)的(de)最高(gao)交(jiao)易(yi)價(jia)格(ge)。