The Study Of Ipo Audit System Reform In China

At present,the registration system which is the verification system of Initial Public Offering in our country essentially is still a stock issue and management system with strong administrative colour.The government and regulators still highly centralized management the matter of securities issuance,and charge the power of final approval authority that can decide to enter the market or not. The present issue and verification system much-maligned,mainly in packaging listed, rights rent-seeking, the government leading propulsion, and so on.It is become a money market.It have to reform the issue and verification system.The verification system reform of IPO is benefit to make the administrative power to quit the capital market,effectively inhibiting the rights rent-seeking in capital market,reduce stock market bubble,open the market information further,accelerate the risk and income symmetrical in the primary market,and make the p/e ratio return to a reasonable-tevel.The verification system of IPO is the study object of this paper,bringing the method of economics analysis.First of all,there is a study of the evolution and present status of the verification system of IPO in our country. And then analyse the reasons why there are so many issues about the verification system of stock public offering.The paper also studies the verification system of IPO in representative countries overseas,including the USA,France and Germany,and then sums up the experience of them and gets some enlightenment to improve the verification system of IPO.Finally,the paper provides the suggestions to reform and improve the verification system of IPO of our country.This paper indicates that registration system is the developing direction. But there is not the condition of pushing the registration system,so it needs the period going to registration system.The innovation point in this paper is the idea of make the GEM board as pilot,implement registration stage by stage,gradually perfect the verification system reform of IPO,point out that The China Securities Regulatory Commission(SEC) should put focus on the afterwards supervision,make the credit rating to the relevant organizations and individuals,captial market should build the delisting system and bonus system,to create a good investment environment for investors, make the capital market of China go to the path of comprehensive marketization.Because of the level and ability of theoretical research is still insufficient, there are still some shortage:the first is the shortage of content and expression,does not meet the expectations of the teacher.The second is the paper is lack of theoretical depth,and needs to do more research and thinking.In the future,I will discuss how to further improve the supervisory functions of the SEC, how to carry out the credit rating of the brokerage, accounting, auditing, and other institutions and individuals, as well as the perfect delisting system, strengthen the bonus system to carry out deeper level research system and the content of the paper to improve further.