Comparisons Between The Mainland And HongKong Disclosure Of Accounting Information Of A Company Before Listing

With ten years' development,we achieve tremendous accomplishment in our security market at many aspects. But we ought to know that the system of our security market is not very perfect and rules and regulations are not very ampify. To accelerate our security market,we must research practical problems by ourself at the same time learn from the others.Because Hongkong have the same culcure backgrounds and the same language as us,we can take the experience of Hongkong for reference conveniently.Prospectus is one of the most important documents during the course of a company becoming a listing company. Enacting high quality prospectus criterions is an elementary requirement of standardization of stock market. We must learn from the developed country and districts including Hong Kong in order to improve our prospectus criterions. This is the main task of my dissertation.This dissertation consists of four parts. In part one the environments of the disclosure of accounting information in the mainland and Hong Kong were inspected. Part two the prospectus criterions were compared from five aspects including fundamental principles,brief contents,disclosure focal point,the system of financial statements and main accounting method. Part three the relationship of supervisor and investor and the company that disclose their accounting information were studied. Based on Part three,Part four analyzed the reality of our stock market and research how toresolve the problem of the disclosure of accounting information of our stock market before a company became a listing one.Three main conclusions were drawn in this dissertation:(l)the differences of prospectus of mainland and Hong Kong partly result from the difference of environments. For example,the disclosure of equity information in Mainland and Hong Kong has some differences partly result from the system of ownership.(2)compared with Hong Kong,our prospectus criterions still have some parts need to be improved. First,our prospectus criterions should pay more attention to the principle of decision usefulness. Second,more disclosure boundary line which can be measured and more compulsory form should be take. Third,more rights should be give to the CPA and let them take the responsibility for not only the financial statements but also the whole prospectus accounting information.(3)high quality prospectus criterions are the base of selecting system of listing company. By enhance the cost of information packing,cut down the income of being listing company,reduce the probability of the supervisor making the wrong decision,our .prospectus criterions can be improved and efficiency of listing selection system can be enhanced.