Research To The Influential Factors Of IPO Company's Financial Information Pre-disclosure Quality

With the rapid development of market economy in our country,Initial Public Offerings(IPO)has become a important way to raise fund to guarantee company's fast development.Buying shares also become a significant way to invest and make fortune for investors.Because its extent and importance,Initial Public Offerings has received widespread attention.But the phenomenon of the poor quality of financial pre-disclosure information has really emerged many times.In order to improve the quality of IPO company's financial pre-disclosure information and promote every participant responsibility,it is necessary to identify the current IPO financial information disclosure quality and its influential factors.As the main line to ask questions-analyze problems-solve the problem,paper uses the theory of many subjects such as economics and management.First,in basis of the principal-agent theory,,from the present situation and the reform direction of our country,it showed IPO company's information pre-disclosure is still not of high quality and have four factors of monopolized industry,equity structure,financing scale and risk investment.Second,through the empirical analysis to identify the quality and influencing factors.Finally,offering some relevant suggestions based on the research.The paper identity the quality of financial information of capital market from 2014 to 2015 with the quality index based on the abnonnal financial data.Using factor analysis and multiple regression analysis,we will research the influence of risk investment,equity structure,financing scale and industry character.The results showed that after the auditing activities according to the requirements of CSRC,the pre-disclosure financial information is still not of high quality.There are many abnormal occurrence between the the financial statements.From the factors affecting IPO company financial pre-disclosure information,we believe the higher equity structure and monopolized industry will improve the quality of IPO company's financial disclosure information,and owning the risk investment and higher financing scale will damage it.We hope the results can consummate the future IPO information disclosure system,make a contribution to construct the perfect market system and ensure reforming the stock offering system from approval to registration gradually.