Criterion Of Information Censorship Under Registration-based Initial Public Offering System

By means of criticizing the traditional information disclosure system under approval system,this paper analyzes two big standards of information review---Sufficiency and Authenticity:Part one,the basic theory of information disclosure.This part mainly investigates the difference of information which stock issue discloses between registration system and the approval system.This part also study the difference of review criteria led by above mentioned difference.Part two,the review of the adequacy of information.The information disclosed by stock issue under the registration system is enough.It helps investors fully understand issuers when voters make investment decision,and rationally judge cost-effective of stock to be subscribed.Part three,a review of the authenticity of information.Information disclosed by stock issue under the registration system should be authentic.In fact,the accuracy of information requires the authenticity of information to a large extent.