Research On The Regulation Of Change Of Funds Raised By The IPO Of Wanlima

The capital market provides more financing channels for listed enterprises.However,in recent years,it is common for listed companies to change the investment of raised funds,which seriously affects the rationality of capital allocation in the capital market.The supervision of IPO investment funds of listed companies is also a way of enterprise financing efficiency.The frequent and arbitrary changes of IPO fund raising by family-owned listed companies directly cause certain damage to the image of listed companies,and also cause certain adverse effects on the sustainable and long-term development of listed companies.Therefore,it is urgent to strengthen the supervision on the change of fund raising investment so as to control the frequent change of fund raising investment.This paper systematically reviewed the listed companies to raise money change causes,listed companies to raise funds use effect,raising money to change regulation of listed companies on the basis of related research,using the principal-agent theory,control theory of cost-benefit,social interest theory,to analyze the listed company's IPO to raise money to change the problems of regulation,and in Guangdong Wanlima Industry Co.,ltd.as an example analyzes the listed companies to raise money to change the regulatory status quo,problems and causes,Found that Guangdong Wanlima existing securities and trading in regulatory change in listed companies to raise funds supervision vacancy,a sponsor of a third party service agency to raise money the change regulation become a mere formality,listed companies prepare the IPO to raise money to conform to the actual investment report,independent directors on the company's governance institutions,such as raising money using regulatory binding is weak,the causes of these problems,mainly includes: The change of the fund raised is not the supervision focus of the regulatory layer,the supervision responsibility of the service agencies such as the sponsor agencies is low,the feasibility of the investment report of the IPO fund raised by Wanlima is poor,and there are defects in the internal supervision of Wanlima.In view of the above problems and their causes,this paper puts forward some improvement measures,such as strengthening the supervision of the CSRC and other regulators on the investment of raised funds,improving the supervision system of sponsors,optimizing the ownership structure of enterprises,and perfecting the independent director system.Main contribution of this article embodied in: using the principal-agent theory,etc.,from the securities and futures commission and other regulators,the sponsor and other third-party services,independent directors and so on three aspects to study the Wanlima inside the company IPO to raise money to change the role of regulation,found that there were problems,and puts forward countermeasures to have strong targeted.