我国IPO发行审核问题研究

发布时间：2018-01-17 15:30

本文关键词：我国IPO发行审核问题研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：伴随着我国证券资本市场的大跨步发展,IPO积极推动我国经济的发展。根据WIND提供的资料,随着2009年创业板的开启,我国每年申请IPO公司的数量都很多,2009年申请上市的公司为199家,2010年申请上市的公司为410家,2011年申请上市的公司为345家,2012年申请上市的公司为215家。然而另一数据显示,发审委的发审通过率逐年下降,2011年IPO通过率为79.40%,较2008年的82.76%、2009年的84.92%、2010年的82.54%,首次低于80%。现阶段拟上市公司IPO申报的机遇与挑战并存,分析证监会披露的被否案例,研究我国拟上市公司IPO发行审核的相关问题,对公司、对证券监管部门甚至对社会广大投资者都具有重要的现实意义。本文采用案例分析的方式,对IPO被否的原因进行分析研究,从而总结出我国发行审核中拟上市公司需要重点关注的问题。全文总共用五个章节来阐述,每章的具体内容安排如下：第一章从理论上论述了股票发行审核制度的概念与分类,股票的发行审核制度主要包括核准制与注册制。并且分别以美国作为注册制的代表、英国作为核准制的代表,详细介绍了为成熟市场国家两种不同的股票发行监管制度。第二章从审批制和核准制两方面分析和总结我国IPO发行审核制度的历史沿革。其中审批制包括额度管理和指标管理,核准制包括通道制和现在仍在实行的保荐制。第三章从审核主要的法律依据、审核的程序以及审核标准三方面对我国拟上市公司IPO发行审核制度现状进行了分析和总结。我国发审委参照的主要法律依据大体分为三层,第一层为法律,第二层次为行政法规,第三层次为部门规章。审核的程序则包括前期准备、改制拟上市公司、上市辅导、申报、证监会初审、发审委审核、证监会做出决定是否核准发行等阶段。根据我国相关法律规定我国IPO发行审核的条件主要包括主体资格、独立性、规范运作、财务会计和筹集资金五个个方面。第四章结合第三章的相关法律依据以及发行审核条件,从近几年的发审委审核具体情况和证监会披露的被否原因两方面对发审委历年审核情况进行总结。特别是对2011年与2012年近两年的审核具体情况进行了总结与分类,总结出我国近几年发审委关注的重点问题,包括：独立性、成长性、财务会计、规范运作及信息披露五个方面。第五章通过具体分析2011年与2012年IPO被否公司的案例,从独立性、成长性、规范运作、财务信息、信息披露等5个方面研究并总结证监会重点审核的问题,并分别对我国拟上市公司IPO时要重点关注的问题做了相关的提醒与建议。本文对拟上市公司发行审核问题进行研究,对拟上市公司发行审核中存在的问题进行分类,对发审委关注的重点问题进行了总结。通过提示与建议这些审核重点,希望能够对拟上市公司起到指导的作用,拟上市公司应该以审核重点为参考依据在准备上市的过程中认真整改,以便顺利的进军我国证券资本市场。
[Abstract]:With the development of China ' s securities capital market , IPO actively promotes the development of China ' s economy . According to the information provided by WIND , with the opening of GEM in 2009 , the number of companies applying for listing in 2009 is quite a lot . In 2011 , the number of IPO companies is RMB ' s . In 2011 , the number of IPO companies in China decreased by year . In 2011 , the IPO passed rate was 79.40 % , compared with 82.76 % in 2008 , 84.92 % in 2009 , 82.54 % in 2010 , and the first time less than 80 % . Based on the case analysis , this paper analyzes the reasons of IPO , and summarizes the issues needing attention of listed companies in our country ' s issuance audit . The whole text is explained in five chapters . The specific contents of each chapter are as follows : In the first chapter , the concept and classification of stock issuance examination system are discussed in this paper . The system of issuance and review of shares mainly includes the registration system and registration system , and the United States as the representative of registration system , Britain is the representative of the nuclear level , and the two different stock issuance supervision systems for mature market countries are introduced in detail . The second chapter analyzes and summarizes the historical evolution of China ' s IPO issuance audit system from the aspects of examination and approval system and approval system . The examination and approval system includes line management and index management . Chapter three analyzes and summarizes the current status of IPO issuance audit system of listed companies in China from three aspects : the main legal basis , the procedure of auditing and the auditing standards . The main legal basis of the reference of China ' s issuing committee is divided into three layers : first layer is law , the second level is administrative regulation , and the third level is department regulation . According to the relevant laws of our country , the conditions of IPO issuance examination include main qualification , independence , regulation operation , financial accounting and fund raising five aspects . The fourth chapter summarizes the review of the review committee in recent years according to the relevant legal basis and the examination conditions of the third chapter . In particular , it summarizes and classifies the audit cases in the past two years in 2011 and 2012 , and sums up the key issues that our country has focused on in recent years , including the independence , the growth , the financial accounting , the regulation operation and the information disclosure . In the fifth chapter , through the analysis of the case of the IPO in 2011 and 2012 , the paper studies and summarizes the key audit issues of the CSRC from five aspects , such as independence , growth , normative operation , financial information and information disclosure , and makes relevant reminders and suggestions on the issues to be focused on in the IPO of listed companies in our country . This paper makes a study on the issue examination of listed companies and summarizes the problems existing in the audit of listed companies , and summarizes the key issues of concern to the listed companies . It is hoped that the listed companies should be able to give guidance to the listed companies through prompt and suggestion . It is suggested that listed companies should be seriously rectified in the process of preparing the listing in order to smoothly enter our country ' s securities capital market .

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;D922.287

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