The Investors’ Requirement Of Information In IPO Through A Questionnaire Analysis

In recent years, with the rapid development of the global capital markets and China’sIPO market is maturing day by day, constantly the IPO information disclosure system isreforming and improving. At the same time, with the constant increase in the informationneeds of our investors for IPO, investors have also put forward higher requirements for theIPO risk information disclosure. However, most of the domestic scholars do research onthe IPO information disclosure from the angle of information supply, which lack theresearch on the information needs of investors, in particularly lack direct, timely andeffective for risk information needs of investors. Therefore, through the method ofquestionnaires, this article will directly grasp the investors’ comments on present IPOinformation, as well as the demand of risk information disclosure, looking forward tofurther enhance the efficiency of China’s IPO market information disclosure.. The mainstructure of this paper is as follows:Firstly it’s the article introduction, which mainly introduces the background andsignificance of this article, the literature review, the research ideas and innovation points.Secondly, it’s the theoretical analysis of the research on the IPO information needs, whichmainly expounds how disclosure quality affects earnings and the game process ofinformation suppliers and demanders interact with each other, further highlights theurgency and practical significance of the research on investors’ information needs.Subsequently, it introduces the detailed procedure of this questionnaire, it also carries onempirical analysis on the803valid sample data by SPSS12.0software, which includes: anoverview and comparative analysis of the basic situation of institutional investors andindividual investors; through establish the revenue regression model of investors, furtherelaborates the importance of research on the investors’ information needs; using theprincipal component analysis method to sequence the demand of investors’ risk factors inaccordance to the urgency of need, find the direction of investors’ information needs atlength, eventually realize the sequence of the investors’ risk information factors inaccordance to the urgency of need; based on the sample data, statistics and analyze theinvestors’ evaluation and recommendations on the information disclosure at the present stage. At last, combining the empirical analysis of the questionnaire results, the papersummarizes the shortcomings of China’s IPO risk information disclosure at present stage,and put forward recommendations on IPO information disclosure.