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在新股发行上市面临着行政力量重重审核的背景下,以信息不对称为主因造成的IPO折价发行和超募融资现象十分严重。且随着我国资本市场逐渐发展成熟,现有的股票发行审核制度已不能满足各方需求。为提高市场效率,以信息披露为核心的注册制改革应运而生。落实以信息披露为中心的改革理念是注册制改革的灵魂和纽带,因此探究如何从信息披露角度完善我国注册制改革具有重要意义。
Under the background that the IPO of new shares faces heavy administrative review, IPO underpricing and fund raising caused by information asymmetry are very serious. With the gradual development of China’s capital market, the existing stock issuance examination system can not meet the needs of all parties. In order to improve the market efficiency, the registration reform with information disclosure as the core came into being. Implementing the reform concept centered on information disclosure is the soul and link of the reform of registration system. Therefore, it is of great significance to explore how to perfect our country’s registration system reform from the angle of information disclosure.