On The Improvement Of IPO Information Disclosure System Under The Reform Of China's Registration System

IPO(Initial Public Offerings) that Initial Public Offerings,also known as the Initial Public offering, is referred to the shares co., LTD., oriented to the Public for the first time publicly to sell its shares. And IPO system refers to the initial public offering company registered in accordance with the requirements of the relevant laws and regulations, submit to the competent securities and its various data publicly disclosed to the public, the vast number of investors, and then apply to the competent securities registration, citic securities chief machine only for review intends to submit the data of listed companies form a securities issue auditing system. The current IPO's authorization, to ensure that the IPO to register system reform, it must ensure that the public disclosure of information is true and fully, so it is particularly necessary to improve the IPO information disclosure system.IPO information disclosure refers to the company in the first issue shares to the public, the vast number of investors to disclose its information related to the securities issue, and guarantee that the disclosure of information is true and complete. Any plans to listed companies must be through the IPO after the disclosure of information and after approval by the relevant securities department, can we truly achieve listed financing, that is to say, the IPO information disclosure system is the guarantee of securities issue a significant barrier.Since the reform and opening up, the IPO information disclosure system of our country has experienced the process from imperfection to perfection, and now has already formed a relatively complete legal system based on the laws and administrative regulations,supplemented by departmental regulations and judicial interpretations.Since the reform and opening up, the IPO information disclosure system of our country has experienced a long development process, from scratch, never sound to relatively sound, has made great progress. But we also should see the current IPO information disclosure system in China still exist many such and such problems and shortcomings, such as IPO information disclosure supervision system is still imperfect, damage compensation liability mechanism as well as to the listed company information disclosure untrue, incomplete and so on. After analyzing the causes of the formation of these deficiencies, in view of the problems existing in the information disclosure system, IPO should be emphatically from perfecting corporate internal governance structure, improve IPO information disclosure supervision system and improve the civil liability related to the IPO information disclosure system from several aspects to obtain, promoting the overall improvement of the IPO information disclosure system, the important basis for the IPO registration system reform in our country.