| How to disclose the accounting information in IPO process directly affects the healthy operation of the capital market,and only when it fully plays a role in resource allocation function,will it be able to provide a better service to the actual economy.The registration system is a major reform that can increase the resource allocation function of the capital market,with information disclosure as the core,which can enhance the distribution of resources in the capital market by optimizing the quality of accounting information disclosure of companies to be listed.Since the first batch of 25 companies listed on the SSE STAR Market in 2019,as of February 17,2023,the registration system has been fully implemented,nearly 2,000 companies have successfully completed listing.The registration system has set up diversified and inclusive listing conditions.A number of promising enterprises have the opportunity to list for financing,but some enterprises are still punished for illegal information disclosure.Therefore,how to promote the accounting information disclosure quality of listed companies under the registration system is the key to the smooth implementation of it.This paper selects Hongxing Meiling as the research object,a company that failed to go public,uses the case study and comparative analysis methods,based on sorting out the evolution process of the quality of information disclosure of listed companies and taking the impact of the registration system on the quality of accounting information disclosure as the main line,it analyzes the issues and causes of information disclosure of the case.Due to the lack of timely and complete accounting information disclosure,unreasonable fund-raising plan and other accounting information disclosure problems,the listing of the case company failed.On this basis,this paper analyzes the reasons for issues of accounting information disclosure from three aspects:regulators,intermediaries and enterprises.It gives some advice on how to enhance the quality of information disclosure so as to help the case company improve corporate governance and achieve the target of listing again.The main conclusions of the study are as follows:Firstly,compared with the approval system,the registration system makes higher demands on the quality of accounting information disclosure,which is good for the improvement of the quality of accounting information disclosure of the companies to be listed;Secondly,we should further refine the relevant provisions of the registration system from the macro level and improve the rules of information disclosure;Thirdly,we should consolidate the process service content of intermediary institutions,strengthen their own legal and compliance construction,maintain independence,and establish the information disclosure quality responsibility system;Finally,the enterprise itself should optimize its internal control system,change its business philosophy,build up a high-quality management team to enhance the quality of accounting information disclosure. |
