Research On Enterprise IPO Information Disclosure Under Registration Reform

Information disclosure as a way for the company to transmit information to the market public,it's mean that the company needs disclosure the company's financial data and operating conditions to the public for investors to use,so the true adequacy of information disclosure is very important for the company,investors and all the stakeholders in the market.With the development of market,the false listing of behaviors become frequent,the effectiveness and independence of supervision agencies are also questioned,it's indicating that the existing approval system is no longer applicable,the registration system with information disclosure as the core is the necessary stage of market development.Therefore,with the point of the surface method,this article selects the false listed company A as a research object,that in-depth study the means of false disclosure from the appearance of illegal disclosure,and then reflects the information disclosure problems under the current system,which puts forward the relevant proposals for the development of the registration system,with a view to promoting the smooth implementation of the registration system.First,this paper learns the domestic and foreign scholars in the IPO information disclosure research results,according to the current situation of China's securities market,put forward the importance of information disclosure system and the necessity of research.Then,it defines the concept theory of IPO information disclosure,and briefly introduces the evolution of stock issuance and the theoretical basis of information disclosure,which provides the theoretical basis for the later research.And then it reviews the whole process of the false listing of Company A,and analyzes the specific means of illegal disclosure,which points out the existing problems of the information disclosure system under the existing approval system from four aspects: the enterprise itself,the supervision agencies,the system itself and the laws and regulations.Then,through the analysis of the successful registration model of the United States and Hong Kong,the successful experience of absorbing and absorbing according to the actual situation of our country is put forward.Finally,the author puts forward four suggestions for the system: improve the quality of the information disclosure,ensure the independence of the supervision agencies,perfect the audit system and strengthen the legal system construction,to improve the information disclosure system,and provide a good market environment for the reform of the registration system.