The Analysis Of IPO Fraud Cases Under Different Securities Issuance Auditing System

IPO,Initial Public Offerings, refers to the enterprise through the stock exchange Initial Public issuance of shares to investors, in order to raise development fund which is used in the process of enterprise. Securities Issuance System is an important part of the securities market. The implementation of the economic environment and adapt to trial system is conducive to the orderly operation of the securities market.Examination system,appoval system and registration system are the three kinds of the main way of securities issuance auditing system. However, under no matter what kind of system, false cases continue to occur listingThe article analysis the historical change of securities issuance auditing system in China and compares the different periods of China's IPO system and analysis the specific deficiencies in the system which takes the Hongguang and the green earth's financial fraud case as examples. Meanwhile, to compared to identify similarities and differences between the two cases which reflects institutional differences from specific cases. It concluded that: under different systems, it is impossible to completely avoid fraud no matter in which system,only to restrain fraud by improving the system,to maximize the protection of the interests of investors.Finally, making some proposals to improve the IPO audit system. To Explore and build a new verification system of stock public offering which to adapt to the level of our capital market through the specific measures as strengthening supervision,improving related mechanisms,enhancing the quality of investors and the gradual introduction of the registration system. The reform and improvement of IPO system is not only has great significance in our capital market but also has far-reaching implications in promoting structural transformation and economic development of China's economic transformation.