Governance Effect Of IPO Review Inquiry Of Tianyi Medical Under The Background Of Registration System

The reform of the registration system for stock issuance is a very important institutional reform of China’s capital market,which is significant for the improvement of the capital market system,the enhancement of capital market vitality and the protection of investors’ rights and interests.With the implementation and deepening of the registration system reform,the inclusiveness of the capital market issuance and listing conditions has been enhanced,and the market vitality has been more fully released.In recent years,China’s medical device industry has been developing rapidly with the support of policies,and the registration system reform has given more medical device enterprises the opportunity to IPO and broaden financing channels.Under the registration system,the concept and approach of IPO review has changed,and IPO review inquiry have become an important regulatory approach.The exchange conducts multiple rounds of inquiries on the key issues disclosed in listing application documents,and through the issuer,intermediaries and other stakeholders’ rectification and response to the inquiries,it exerts an internal and external governance effect and influences the issuer’s corporate governance behavior,thus promoting its corporate governance practices.Based on this,this thesis takes Tianyi Medical as an example to analyze the governance effect of its IPO review inquiry under the registration system,and through this case study,to provide other medical device companies with experience in passing IPO review,as well as to strengthen the combination of theory and practice based on relevant theoretical research.Based on the theoretical and practical experience of IPO system and review inquiry,this thesis analyzes the governance effects of the IPO review inquiry of Tianyi Medical using literature research method,case study method and deductive reasoning method.Firstly,we define the concepts of IPO,IPO review inquiry and governance effect,sort out the characteristics of IPO review under the approval system and registration system and compare them,then analyze the governance effect of IPO review inquiry from the theoretical point of view and explain the effective path of the governance effect of review inquiry.Next,we introduce the basic information of Tianyi Medical’s corporate governance and operation status,and analyze the three main motivations for Tianyi Medical’s IPO.Then,by sorting out the questions about corporate governance asked in several rounds of IPO review inquiry under the registration system of Tianyi Medical,the characteristics of its review inquiries are summarized in three major aspects: corporate governance structure,standardized operation of corporate system and information disclosure.Again,we analyze the internal governance effects of the IPO review inquiry in the light of the IPO inquiry of Tianyi Medical in different aspects and their corresponding rectification and feedback.Third,the quality of the company’s IPO information disclosure was effectively improved by strengthening the truthfulness,accuracy and completeness of information disclosure.Then,we analyze the external governance effect of the IPO examination and inquiry of Tianyi Medical from three aspects: the governance effect of intermediaries,the supervision effect of public media and investors,and the supervision effect of regulators.Through the analysis,it is concluded that the IPO review inquiry can urge the intermediaries to be diligent and diligent and thus supervise Tianyi Medical to improve corporate governance;it can also form a certain external pressure on Tianyi Medical through public media and investors’ supervision and widespread attention,thus promoting the company to pay more attention to improving corporate governance;in addition,it can also play a supervisory and restraining role for the issuer and intermediaries by the regulatory authorities,thus urging the company to improve corporate governance.In addition,it can also urge the company to improve its corporate governance by playing a supervisory and disciplinary role for the issuer and intermediaries.Finally,this thesis summarizes the governance effect of the IPO examination and inquiry of Tianyi Medical,and suggests the experience of IPO for the proposed listed companies.By analyzing the governance effect of the IPO review inquiry of Tianyi Medical,this thesis draws the following conclusions: firstly,the IPO review inquiry of Tianyi Medical can play an internal and external governance effect;secondly,the IPO review inquiry promotes the improvement of the governance level of Tianyi Medical through the internal and external governance effect.On this basis,the following revelations for IPO of the companies to be listed are drawn: firstly,the focus of IPO review inquiry in the industry should be paid more attention to before the preparation for IPO,and the key matters should be standardized,rectified and disclosed in a timely manner during the IPO process;secondly,the awareness of the main responsibility of information disclosure should be enhanced to ensure the truthfulness,accuracy and completeness of information disclosure;thirdly,strict requirements should be set with reference to the governance guidelines for listed companies to optimize governance structure,improve the relevant corporate system and governance system,and continuously improve the level of corporate governance.