A Case Study On The IPO Failure Of X Medical Device Enterprise

With the development of the socialist market economy,the capital market,as a direct financing platform,plays an increasingly important role in promoting the development of the real economy and optimizing the allocation of social resources.For the purpose of obtaining funds needed for development,adjusting capital structure and improving brand awareness,IPO has become the best choice for enterprises to cope with market changes.At present,China's IPO issuance system is in the transition from approval system to registration system,with more and more detailed audit requirements,and the IPO meeting rate is declining year by year.How to successfully pass the IPO audit is a problem that every company to be listed needs to be carefully considered and treated.In this stage,it is of more important practical significance to summarize the experience through the case study of the IPO failure.In recent years,under the environment of favorable industrial policies,X medical device enterprise has successively applied for listing on gem and scientific innovation board.The two IPO reviews are in the critical period of the IPO issuance system reform,and the cases of its IPO failure are worthy of our study and analysis.In this paper,the topic of this research is firstly proposed by reviewing the domestic and foreign research literature related to earnings management before listing,performance performance after listing and case study of listing failure.Then,from the information disclosure,subject qualification,financial accounting,sustainable profitability,standardized operation,fundraising projects and other six aspects of the new issue system on the market to carry on the conceptual discussion,and on this basis sorted out China's IPO has been in recent years to refine the CSRC review focus.Through to the enterprise in two IPO audit financial and non-financial information that is disclosed in the analysis,found that lead to problems of X enterprise fails to meet the requirements of public audit mainly for continuous profit abilityinsufficiency,the enterprise operation is not standard,information disclosure authenticity in doubt,equity structure flaw,the last to be no reason for further improvement Suggestions are put forward.At present,there are few case studies on whether domestic IPO has been approved.In this paper,theoretical research and case analysis are combined to analyze the audit focus and finally draw a conclusion.On the one hand,I hope to encourage X medical device company to face up to and solve the existing problems in operation and governance,improve the quality of information disclosure from the source,and make preparations for the next IPO declaration.On the other hand,I hope it can provide some experience for other enterprises to be listed during the reform period of IPO issuance system,so as to improve the success rate of IPO.