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通过对信息预先披露制度下拟发行人是否通过股票发行审核影响因素的实证分析,本文发现,具有如下特征的拟发行人更受发审委“青睐”:(1)资产规模大、资产负债率低、行业排名靠前的低风险拟发行人;(2)高管在行业协会担任会长或理事的具有政治关系的拟发行人;(3)没有重大诉讼或受过违规处罚的合规拟发行人。相比之下,拟发行人盈利能力和成长性等财务指标对拟发行人是否通过发行审核没有显著影响。本文的研究表明,我国新股发行核准制有进一步改革的必要,并具备了向注册制变革的初步条件。
Through the empirical analysis of the information pre-disclosure system under the issue of whether the issuer through the stock issuance examination of the influencing factors, this paper found that the following characteristics of the issuer is subject to the issuance examination committee “favor ”: (1) asset size, assets Low risk ratio with low debt ratio and industry rankings; (2) political issuers with political affiliation who hold the position of chairman or director in industry associations; (3) compliance with no material litigation or non-compliance penalties To be the issuer. In contrast, the financial indicators such as profitability and growth of the issuer have no significant effect on whether the issuer will pass the issuance examination. The research in this paper shows that the issuance of new shares in our country is necessary for further reform and has the initial conditions for the reform of the registration system.