| China relies on the science and technology innovation board to implement the registration system reform,the scale and speed of new share issuance have been improved.Compared with the audit system,the registration system only retains the basic qualifications and compliance conditions for enterprises to issue shares publicly,but relages some hard conditions such as profit indicators,and the overall listing standards are more inclusive.However,the registration system also increases the control of the exchange,and the authenticity of financial information,information disclosure quality and other aspects of higher requirements,and thus there are more enterprises IPO was rejected,take the initiative to withdraw the declaration materials and so on.It is of practical significance to pay attention to and systematically analyze the reasons for IPO rejection of companies to be listed after the implementation of the registration system,as well as the impact of the registration system on financial and accounting standards of companies to be listed,and discuss the rectification direction of potential financial and accounting irregularities of companies to be listed.The study first sorts out the changes of IPO review process and issuance requirements under registration system,analyzes the impact of registration system reform on the behavior of each subject,summarizes the key points of regulatory bodies’ review and inquiry of new issue,and then statistics and analyzes the new characteristics of IPO review of companies to be listed on science and Technology Innovation Board and GEM from 2019 to 2021.This paper analyzes and summarizes the financial,accounting and other reasons for the failure of IPO of enterprises under the registration system from the three levels of industry,intermediary organization and enterprise management.Finally,the paper deeply explores the problems existing in the process of IPO rejection of typical case H enterprise and its rectification suggestions.The results show that the main reasons for the IPO failure of listed enterprises under the registration system are: the financial disclosure of financial information is inaccurate,inadequate and inconsistent,the ability to continue operations is insufficient,and the financial ratio is unreasonable;In accounting,internal control is not sound enough,there are not standard income recognition,related party transaction processing is not fair,and accounting policies and accounting estimates improper processing and other problems;In other aspects,there are some problems such as weak independence,insufficient management compliance,unreasonable investment of raised funds,and defects in subject qualification.In addition,the low quality of the practice of some sponsors leads to a high proportion of withdrawal of declaration materials,and the failure of accounting firms to fulfill their duties leads to the failure of auditing,which indicates that the proper selection of intermediary institutions under the registration system is also one of the key factors for the success of IPO.The research puts forward:(1)enterprises should standardize financial accounting behavior under the registration system,improve the internal control system,improve the quality of financial information disclosure,and enhance the ability of continuous operation,improve the independence of enterprises;(2)Regulatory institutions should strictly perform their regulatory functions under the registration system,guide intermediary institutions to correctly understand and grasp the key connotation of the registration system,and establish and improve their own restraint mechanism;(3)Intermediary agencies should improve their professional ability under the registration system,strengthen the code of conduct of the business personnel of the project team,strictly follow the rules and regulations,and ensure the independence of project personnel.This paper systematically combs the reasons of IPO rejection of the listed companies under the registration system from three aspects and puts forward some suggestions to improve the IPO approval rate of the listed companies under the registration system.The research has certain reference and inspiration for the future listing plan of the company’s standard registration system requirements,strengthen its management standards,to achieve the new listing standards. |
