On My Country's IPO Information Disclosure System

IPO information disclosure system refers to that during a initial public offering,the joint stock limited company should make public the related information on authoritative websites or journals in accordance with the provisions of the laws and regulations,to convenient public access,known for the public.IPO information disclosure system is not only the way that investors to understand the situation of the listed companies,but also the main way that the regulators to supervise to decide whether to approve the issuance of shares.After nearly thirty years of development,China's securities market has gradually matured.In recent years,the calls of the implementation of new issue registration system appeal to more and more high.However,the author believes that China's current stock market environment is still unable to meet the requirements of the registration system,the first is that China's IPO information disclosure system is not perfect,the quality of information disclosure is generally low.The agency has played a very important role in the whole process of IPO information disclosure in china.However,the professional agency in the course of its practice is also inevitable problems,affecting the quality of IPO information disclosure.In the process of IPO information disclosure,there are three main intermediaries,such as brokers,accountants and lawyers.The lawyer's professional characteristics determine its unique position in the IPO information disclosure system.After clarifying the basic concepts and principle of the IPO information disclosure system,the author intends to analyze the current situation of IPO information disclosure in China from the perspective of the issuer's lawyer verification.As a "gatekeeper" of the securities market,the lawyer should fulfill the obligation of verification and guarantee the truthfulness,accuracy and completeness of the issuer's information disclosure.Through reading a lot of literature,combined with some personal experience and research,found that the lawyer failed to in the practice of information disclosure in the due diligence situations have occurred.The lack of independence is serious,and the obligation of verification can not be fulfilled.It is doubtful whether the legal opinion issued by the lawyer can be trusted by investors and regulators.The emergence of these situations is often a combination of multiple causes.Such as reputation mechanism in China's securities market fail to play a restraint effect,the largest intermediary institutions,strict liability of the illegal abnormal light makes sponsor led other intermediaries,the passive issuer pays model leads to intermediaries of the issuer materially dependent etc..To solve these problems,the author puts forward five suggestions:one is to strengthen the intermediary's reputation constraint mechanism;two is to strengthen the application of'Market ban";three is the responsibility of the agency should strictly distinguish;four is the issuer shall truthfully provide information in the form of a contract;five is to reconstruct the pay model".