Study On The Influence Of IPO Ultra To The Quality Of Information Disclosure

Information is a significant element in the market allocation of resources, in order to maintain the Fairness of trade, it is meaningful to reduce the degree of information asymmetry. The theory of Information economics can provide a theoretical basis for us to analysis many problems of our capital market, such as the hot topic recently--IPO ultra phenomenon. This phenomenon is seen commonly after the IPO reform which implement pricing of IPO in market-oriented. Listed companies have a lot of money that outsides the plan, but people question its efficiency and it is not conducive to protecting the interests of small investors in such stock market where information asymmetry exists. Based on this background, this paper studies the influence of the IPO ultra’s scale to the enterprise information disclosure quality.In this paper, we study the mechanism-how IPO ultra influence the enterprise information disclosure base on the theory of information economics, and we use the IPO enterprise data from the Shenzhen Stock Exchange since 2009 to do:first of all, we analysis systematically the status of IPO ultra, the use of over-raise funds, the reason of IPO ultra and the defect of this phenomenon; secondly, we analysis the information disclosure, it include the status and problems currently and we also study the factors those influence information disclosure quality; furthermore, we construct logistic regression model by using the data from Shenzhen stock exchange to test the relations between disclosure quality and IPO ultra’s scale and find out other factors that have significant influence on the quality of information disclosure; Last, we consider that it has a negative correlation relationship between the information disclosure quality and IPO ultra’s scale. In order to improve the fairness and efficiency of the market we need to reform the system of new issuing and improve the system of information disclosure of the enterprise.