Research On The Influence Of Inquiry Audit On IPO Information Disclosure In STAR Market

China's capital market has implemented the registration system for more than one year.And the market-oriented reform has entered a stage of accelerated deepening.For one thing,from a practical point of view,the research on the impact of the inquiry system on information disclosure has current timeliness.For another,from a theoretical research point of view,this article makes an effective supplement to corresponding academic research.Information disclosure is the core of the registration system.The inquiry review mechanism is a screening tool for information in the field of IPO.Parts of the functions of inquiry system belong to the information disclosure system and the two are generally consistent in their goals and functions.This article selects the new generation of information technology industry and Veri Silicon as the research object to discuss the role of inquiry system on IPO information disclosure.Each round of inquiry reflects different audit characteristics.The first round of inquiry follows the review principle of comprehensive inquiry and highlighting the key points.The rear-round inquiry embodies the characteristics of integration and simplification in method and thorough inquiries in content.The impact of inquiry review on IPO information disclosure is manifested in that it not only reflects the concept of information disclosure review,but also provides a way to improve the quality of IPO information disclosure.On the one hand,the audit and inquiry centered on information disclosure.The audit is transparent and predictable,focusing on consolidating the main responsibility and improving the quality of the letter and approval from the source.On the other hand,the inquiry system has effectively improved the consistency,adequacy and comprehensibility of IPO information disclosure.However,there are still shortcomings in the inquiry system,which are manifested in insufficient attention to risk factors,business and technical inquiries.At the same time,the inquiry is slightly more routine.And it fails to adequately conduct targeted questions based on the characteristics of the industry and the company.Corresponding policy recommendations are put forward in the last chapter of this article.