| In the developmental process of China’s capital market and the continuous improvement of the new share issuance system,pharmaceutical companies are constantly emerging in the market and catching up the tendency and financial needs.Compared with other listed companies,the pharmaceutical industry has its own characteristics as a professional and high entry-barrier industry.According to statistics,the pharmaceutical industry’s attendance rate is not very high.Therefore,it is necessary to summarize the company’s research objects that failed in the initial public offering of the pharmaceutical industry and outline the specific cases of IPO failure.Then finding out the reasons why the IPO failed in the pharmaceutical industry.Combining the current policies of China’s pharmaceutical industry with the corporate governance system of the internal control of listed companies is crucial,as well as the key issues of the review of the listed companies in China’s pharmaceutical industry.As a professional and high entry-barrier industry,the pharmaceutical industry has its own particularity.On the basis of statistics,the pharmaceutical industry’s attendance rate is not very high.The conclusions of this paper also lack direct practice guidance for the pharmaceutical industry.Therefore,it is necessary to conduct an in-depth study on the failure of IPOs which focus on listed companies in the pharmaceutical industry.This article selects Changchun Puhua Company as an example to analyze the process and results from its IPO failure,starting from the key issues of the IPO of the pharmaceutical industry from the China Securities Regulatory Commission,which based on the previous theoretical research on the causes of IPO failure.Basing on the recent IPO failure data that are published by the China Securities Regulatory Commission,after comparative analysis and other research methods,the internal and external factors of the IPO failure of Changchun Puhua Company were summarized.Finally,the countermeasures and suggestions for the failure of IPOs in pharmaceutical enterprises and the solutions for the failure of pharmaceutical companies with IPOs to enter the capital market are proposed.This paper provides important theoretical and practical significance in the absence of research on IPO failures in the pharmaceutical industry.To a certain extent,this paper fills the gap in the current research on the IPO failure of the Chinese pharmaceutical industry.Based on empirical research,this paper theoretically illustrates the special factors of the pharmaceutical industry in the IPO process,which include the aspectsof national policy,marketing,financing and production to conduct a comprehensive research combines with the accounting and pharmaceutical industrial policies.In addition,the theories involved in the IPO process of the pharmaceutical industry are studied in detail so as to provide strong support for the effective IPO of the pharmaceutical industry in China.This research can be used to prevent the possibility of failure,when the companies prepare to go public as well as save a lot of time and opportunity cost,to know how to avoid the pitfalls of stock issuance failed,to realize the issuance of the listed company and the stock of the company’s sustainable,at the same time,standardize enterprise behavior,promotion of the healthy development of the social economy has far-reaching significance. |
