| In nowadays’ strong economic growing,more and more enterprises have realized that they must rely on capital market forces to improve their core competitiveness and achieve stable,efficient and long-term development.The reason is that the capital market plays a role in diversifying risks and enriching financing channels.In this regard,many enterprises focus on initial public offerings(hereinafter referred to as IPO)to achieve the purpose of incremental production expansion,improving business performance,improving corporate image,etc.However,from the current point of view,the IPO rejection ratio of enterprises to be listed in China is getting higher and higher.Compared with the approval system,the registration system will implement a stricter information disclosure system,requiring enterprises to be listed to regularly disclose important information such as the governance system and corporate risks,with the prospectus as the core,and enterprises must have a sound internal control system and effectively implement it,In order to ensure the authenticity and reliability of financial reports of listed enterprises and the legal compliance of production and operation,it is extremely important to take strong internal control measures to avoid the IPO from the root.This thesis starts from the defects of internal control,and conducts a comprehensive and systematic investigation and discussion on 3L shares that failed in two IPO applications,hoping to find out feasible strategies conducive to the steady and long-term development of enterprises.The first chapter is the introduction.First,it elaborates the research background and significance of the internal control defects of the enterprises to be listed.Second,it combs the relevant research results of domestic and foreign scholars on the internal control defects.Finally,it determines the appropriate research methods and specific content based on the characteristics of this study;The second chapter is the related concepts and theoretical basis.First,it clarifies the concept of internal control defects,the five elements of internal control and the identification of internal control defects.Then it elaborates the requirements and concerns of IPO audit on internal control.Finally,it discusses the four theories involved in internal control defects;The third chapter is the case introduction of 3L Shares,which briefly describes its experience of two IPOs,and then introduces the basic situation of internal control of 3L Shares;The fourth chapter is the analysis of the defects and causes of 3L’s internal control,starting with a comprehensive analysis of the five elements to find out the problems and causes of 3L’s internal control defects;The fifth chapter puts forward measures and suggestions to improve the internal control of the enterprises to be listed,so as to enhance the internal control level of the enterprises to be listed and provide help for their successful IPO.It was found that the case company had many problems in the IPO application process,which were specifically manifested in internal control defects such as centralized ownership,imperfect and ineffective implementation of internal control system,insufficient awareness of internal and external risks,and absence of internal supervision,which had not been improved accordingly.These internal control defects were the important reasons for the failure of 3L’s two IPOs.3L urgently needed to reform the internal control environment and optimize the risk assessment mechanism,build a complete and rigorous internal control system to promote standardized operation and high-quality development of enterprises.The innovation of this thesis lies in: First,it provides effective countermeasures for 3L to improve its internal control defects,and provides a reference framework for other enterprises to improve their internal control level;Secondly,this thesis takes 3L shares that have been rejected in two IPOs as the case objects for research and analysis,and the selected objects are highly representative. |
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