注册制在上交所科创板和深交所科创板先后落地实行，降低了公司的上市门槛，提升了市场效率。资本市场上公司的进入与退出本应是十分常见的，而强制退市制度已相对完整，在此背景下主动退市制度的完善则显得迫在眉睫。有潜力有需求的公司想要进入市场，而一些出于考虑成本、防止敌意收购等原因的上市公司则想要主动退出市场。目前我国主动退市制度正处于起步阶段：一方面要防止中小股东利益受侵害；另一方面从大股东的角度来考虑，需要防止中小股东利用法律给他们的一些特殊权利来恶意阻止公司退市以要挟牟取利益。因此为了防止侵害对方的利益，必须建立一套行之有效的制度保护双方的权益，维护市场秩序。本文通过对比国内外的主动退市制度，分析我国主动退市制度中存在的问题，提出合理的建议，为我国资本市场的完善添砖加瓦。

本文分为四部分，第一部分是对主动退市的概述。给主动退市下一定义，概括主动退市的主要原因，阐明主动退市制度和中小股东保护的必要性。

第二部分对比我国与其他国家的主动退市制度，主要是对比分析主动退市相关的法律法规。

第三部分在对比分析第二部分我国与其他国家主动退市制度的基础上，主要从决策保护、信息披露以及异议股东保护这三个主要的方面进行讨论，明确主动退市制度建立过程中需要重点关注的事项。

The registration system has been implemented on the Science and Technology Innovation Board of Shanghai Stock Exchange and the Science and Technology Innovation Board of Shenzhen Stock Exchange. Lowering the company's listing threshold is conducive to the improvement of market efficiency. The entry and exit of companies in the capital market should be very common, and the compulsory delisting system is relatively complete. Under this background, the improvement of the active delisting system appears imminent. Companies with potential and demand want to enter the market, while some listed companies that consider costs and prevent hostile acquisitions want to take the initiative to exit the market. At present, my country’s voluntary delisting system is in its infancy: on the one hand, it is necessary to prevent the interests of small and medium shareholders from being infringed; on the other hand, from the perspective of major shareholders, it is necessary to consider that small and medium shareholders use some of the special rights granted to them by the law to maliciously prevent the company from delisting. Use coercion for profit. Therefore, in order to prevent the infringement of the interests of the other party, an effective system must be established to protect the rights and interests of both parties and maintain market order. By comparing the active delisting system at home and abroad, this paper analyzes the problems in our country's active delisting system, and puts forward reasonable suggestions to contribute to the improvement of my country's capital market.

This article is divided into four parts. The first part is an overview of active delisting. Give a definition of active delisting, outline the main reasons for active delisting, and clarify the necessity of active delisting system and protection of small and medium shareholders.

The second part compares the active delisting system between our country and other countries, mainly comparing and analyzing the laws and regulations related to active delisting.

The third part is based on the comparative analysis of the second part of the active delisting system between my country and other countries. It mainly discusses the three main aspects of decision-making protection, information disclosure and the protection of dissenting shareholders, and clarifies the need for the establishment of the active delisting system. Matters of focus.

The fourth part combines the reference of the second part to the foreign delisting system and the third part about the matters that need attention in the active delisting system, based on the current capital market environment in my country, and proposes corresponding suggestions based on the current effective active delisting system .