A Comparative Research On Information Disclosure Under The Differences Between China And U.S. IPO Systems

In today's capital market,there is a growing demand for the reform of China's stock registration and registration system.The Chinese stock market has experienced more than 20 years of development and has also made remarkable achievements.The real and perfect information disclosure plays an important role in establishing an open,fair and fair stock market market order and protecting investor rights and interests.And it is very important to build a mature and rational stock market.Under the registration system stock issuance model,with information disclosure as the center,for investors,it is more important for the company to fully disclose the company than whether the company is profitable.Therefore,how to build a sound IPO information disclosure system and strict supervision and punishment system to protect the interests of investors and promote the rapid development of China's stock market has become the core issue of the registration system reform.There are still many problems that need to be discussed in the reform of the registration system.So i chose Xinjiang Western Animal Husbandry Co.,Ltd.(hereinafter referred to as"Western Animal Husbandry")and Aoxin Tianli Group Co.,Ltd.Group,Inc.(hereinafter referred to as "Aoxin Tianli")as a case to compare the differences in the disclosure of IPO information under the approval system and the registration system and provide practical significance for the future implementation of the registration system reform in our country.Western livestock and Austrian letter Tianli with Chinese companies,similar to the growth environment,but because of the different places and the use of a different listing system.By studying the prospectus that they disclosed when they listed in China and the United States respectively,the author compared the differences in information disclosure between the two and focused on the comparison of financial information disclosure.The author compares the differences between China and the United States in the stock issuance system,listing requirements,the legal supervision system of information disclosure,the supervision methods of information disclosure and the requirements of specific financial information disclosure.After the concrete case analysis,Tianli in these aspects of disclosure,and then from the stock price changes and changes in corporate performance,these differences bring about different market reaction.By comparing the IPO system in China and the United States,the author finds that the U.S.registration system requires a more open listing system and voluntary disclosure of information is better.Through case studies,the author found that Western Animal Husbandry disclosed some more basic information in more detail and length,accounting for a large proportion of the prospectus,and Austrian letter Tianli more streamlined,but the disclosure of more projects,and Risk warning and financial information disclosure more fully.The market reaction on the Austrian letter Timor more peaceful,indicating that information is better utilized by investors.By comparing the disclosure of IPO information under the two systems of approval system and registration system,the author finally stands on the position of information disclosure and makes recommendations from three aspects:government,listed companies and investors,and strives to provide solid practice for the reform of registration system support.