| The capital market is an important part of our country's socialist market economy and plays an significant role in serving the real economy and optimizing resource allocation.At present,the capital market of our country is committed to establishing a multi-level financing system to meet the investment or financing needs of different scale entities.IPO is the most common way for companies to land in the capital market.After the success of the IPO,enterprises can successfully finance and expand the scale of the company,and will also bring a series of brand effects.IPO audit is currently in a strict trend,and the IPO audit pass rate has dropped significantly compared to previous years.This situation is mainly affected by two aspects.On the one hand,since listed companies are the cornerstone of the capital market,improving the quality of listed companies has become an important means to promote the development of the capital market.In order to reduce financial fraud and sickness,it is necessary to strictly review the proposed IPO enterprises;on the other hand,current IPO audit system is shifting from the approval system to the registration system,paying more attention to the review of data,rather than substantive judgment,and the reform of the audit system has also led to a strict review.Among the many proposed IPO companies,some have successfully obtained financing,and some have failed in the process.Through the review of the IPO audit published by the CSRC,this paper selects the Lily Beauty that has not passed the IPO audit as a research object.With the continuous advancement of computer technology,the e-commerce industry is developing rapidly,affecting all aspects of public life.As one of the most popular online retail service providers in the Tmall beauty platform,Lily Beauty relies on the guarantee of authenticity and flow,relying on the rapid development of Tmall platform,and has considerable business performance.Since the IPO application,it has received much attention.Once the IPO is successful,Lily Beauty will become the first cosmetics online operator to land on the Shanghai stock market.On January 26,2018,the CSRC announced the results of Shanghai Lily Beauty Cosmetics Co.,Ltd.failed to pass the audit.In this paper,Lily Beauty is taken as the research object.Case analysis method,literature research method and ratio analysis method are used to analyze the main reasons for the failure of IPO in this case.At the same time,the issues that the audit committee focuses on during the IPO audit process are emphasized.The analysis found that factors such as sustainable profitability and lack of business independence,risk of operating model,and lack of reasonable explanation of the fundraising plan affected the company's IPO results.After analyzing the reasons for the IPO failure of Lily Beauty,the corresponding countermeasures and suggestions were put forward for the reasons.Firstly,enhance the growth and robustness of profitability by enhancing enterprise product R&D and technology R&D investment,rationally controlling marketing expenses,enhancing marketing efficiency,and establishing a financial risk early warning system.Secondly,by expanding the company's business model,balancing the proportion between businesses to deal with the risks brought by the business model;Thirdly,by expanding cooperation platform and improving customer renewal rate,the company can improve its business independence;Finally,it is suggested to carefully design investment projects to ensure the rational use of funds.I hope this article can make suggestions for improving the comprehensive strength of Lily Beauty.I also hope that this article can provide reference for the successful IPO companies to enter the capital market. |
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