Research On Defects Of Internal Control And IPO Failure Of New Third Board Company

The emergence and development of the new third board market not only becomes an important part of China's capital market,but also provides a good platform for SMEs to transfer equity,which is of great significance in promoting the development of SMEs.In order to quickly obtain off-site financial support and effectively solve the problem of capital bottleneck,a large number of new third-board SMEs show the positive intention of IPO.However,on the one hand,due to the imperfect development of the new third board market,the new third board enterprise's IPO channel has not yet been fully opened,and the relevant mechanism is not perfect.On the other hand,because of the serious problems in the ownership structure,governance structure,information disclosure and internal management mechanism of the new third board company itself,only a few new third board enterprises succeed in realizing the IPO every year,and a large number of new third board companies succeed in realizing the IPO.The IPO application of listed companies was rejected.Through the analysis of the cases of IPO failure of the new third board enterprises,it is found that the main reason for the failure of IPO is that they have serious internal control defects,which do not meet the relevant standards of the main board listing.Based on the internal control theory,this paper combines the research literature on internal control defects and IPO failure,and analyses the current situation of the development of the new third board IPO market and the failure of the new third board IPO,and explores the impact of internal control defects on the failure of the new third board IPO.On this basis,this paper studies the failure of IPO of the new three-board listed company-AIWEI Technology Co.,Ltd.and analyses the impact of its internal control defects on the failure of IPO.The main research contents are as follows:In the first chapter,the paper briefly describes the background and significance of this study,research ideas and methods,basic concepts and research contributions and shortcomings.The second chapter collects and combs the domestic and foreign research literature on internal control and IPO,and summarizes the related theories such as internal control theory,stakeholder theory and principal-agent theory.Chapter 3,based on the analysis of the current situation of the development of the new third board market and the failure of IPO of the new third board enterprises,this paper makes a theoretical analysis of the failure of IPO caused by the internal control flaws of the new third board enterprises,and combines with the failure cases of the new third board IPO,respectively,from the aspects of related party transactions,standardized operation,ownership structure and information disclosure,the impact of the internal control flaws on the failure of the new third board IPO.Analysis.Chapter IV,the paper takes the new three-board listed company AIWEI Technology as a case study.Based on the elaboration of its basic situation,the process and reasons of its IPO failure are analyzed,and the internal control defects that lead to the failure of AIWEI Technology IPO are discussed and analyzed.The fifth chapter,combined with the previous research,puts forward some improvement measures to improve the internal control defects of the new third board enterprises,in order to enhance the level of internal control of enterprises and provide help for their successful IPO.The research not only provides effective countermeasures for AIWE technology to improve internal control defects,but also provides a frame for other new third board enterprises to improve their internal control level.This paper studies and confirms that the internal control defects of the new third board enterprises are the important reasons for the failure of IPO,but there are also some shortcomings in the process of research,such as the lack of in-depth discussion on the specific manifestations of the internal control defects of the new third board enterprises,the internal path and influence mechanism of the internal control leading to the failure of IPO need to be further explored,which will be the author's future theoretical research and research.The key direction of practical learning.