On The Factors Affecting Quality Of IPO Information Disclosure For Chinese Enterprises Listed In American Stocks Exchange Markets

Since the reform of registration system was promoted in the 3rd Plenary Session of 18 th congress of the CPC,it has become a hot topic to all sectors of society.Registration system,whose core is “information disclosure”,not only can effectively solve the various problems caused by the information asymmetry,but also can clarify and standardize the responsibilities of the regulatory authorities so as to reduce the government's excessive intervention in the market.Whether company information can be disclosed timely,accurate and complete is not only the key to the successful listing of enterprises,but also an important basis for investors to make decisions,what's more,the decisive factor in the success of China's registration reform.Therefore,it is especially vital to research the influencing factors of the quality of information disclosure of IPO enterprises under the registration system.The advantages of the low threshold of the US capital market and the high financing speed have attracted many Chinese enterprises to list on the United States.They are the forerunners of China's registration system and provide the most direct research samples for China's registration reform.Based on the theory of effective market theory,principal-agent theory and information asymmetry theory,the Chinese enterprises Listed in American Stocks Exchange Markets are taken as samples,the method of qualitative analysis and quantitative analysis are adopted to research the factors affecting quality of IPO information disclosure for chinese enterprises listed in American stocks exchange markets under the background of reform of registration system.First of all,analyzing the current quality of the information disclosure of Chinese enterprises listed in American stocks exchange markets,it is found that the information disclosure of the Chinese enterprises listed in the US is false,incomplete and delayed.Secondly,by drawing lessons from the research results of domestic and foreign scholars,this thesis analyzes the effects the four aspects have on the quality of IPO information disclosure for Chinese enterprises listed in American stocks exchange markets which are internal governance structure,corporate financial status,degree of risk disclosure and reputation of audit institution.Thirdly,on the basis of theoretical analysis,empirical study is also carried out in respect to the above four aspects.It is found that among all the factors affecting quality of IPO information disclosure for Chinese enterprises listed in American stocks exchange markets,the reputation of audit institution is the most important one,followed by profitability,degree of risk disclosure,company scale,the proportion of the largest shareholder and financial leverage.However,the scale of the board of directors has no significant effects on the quality of IPO information disclosure for Chinese enterprises listed in American stocks exchange markets.Moreover,the higher the reputation of the audit institution is,the stronger the profitability of the company is,and the larger the company scale is,the higher the quality of IPO information disclosure for Chinese enterprises listed in American stocks exchange markets will be.The bigger the proportion of the largest shareholder is,the higher the degree of risk disclosure is,the higher the financial leverage is,the lower the quality of IPO information disclosure for Chinese enterprises listed in American stocks exchange markets will be.Finally,based on the research conclusion and according to the practical experience of Chinese enterprises listed in the United States,a useful reference will be provided for China's registration system reform and the improvement of IPO enterprises information disclosure so as to improve the quality of information disclosure of Chinese IPO enterprises and promote the reform process of China's registration system.