会计学院知识库

   上市公司IPO环节会计信息披露表现直接影响资本市场的健康运行，而资本市场只有充分发挥资源配置功能，才能更好的为实体经济服务。注册制作为一项能够提升资本市场资源配置功能的重大改革，以信息披露为核心，通过优化拟上市公司的会计信息披露质量，助力资本市场资源配置功能提升。

   自2019年沪交所科创板首批25家公司上市，截止至2023年2月17日全面实施注册制正式启动，累计有近2000家公司顺利完成了上市。注册制设置了多元包容的上市条件，一批具有发展潜力的企业有机会上市融资，但仍然有企业因为信息披露违规受到处罚，所以注册制下如何提升上市公司的会计信息披露质量是关乎这项制度能否顺利实施的关键。

   本文选择上市失败的企业红星美羚为研究对象，运用案例研究法和比较分析法，在梳理上市公司信息披露质量演进过程的基础上，以注册制对会计信息披露质量的影响为主线，分析了案例企业信息披露存在的问题及原因。案例公司由于存在会计信息披露不及时、不完整，募资计划不合理等会计信息披露方面的问题，导致上市失败。在此基础上，从监管机构、中介机构、企业三个方面分析了会计信息披露问题的原因，据此提出了提高信息披露质量的建议，以期对案例公司改进公司治理，再次实现上市目标有所帮助。研究主要结论：首先，注册制相比于核准制对会计信息披露质量提出了更高的要求，有利于拟上市公司提升会计信息披露质量；其次，应该从宏观层面进一步细化注册制的相关规定，完善信息披露细则；再次，应该夯实中介机构过程服务内容，加强自身的合法合规建设，保持独立性，建立信息披露质量责任制；最后，企业自身要完善内部控制制度，转变经营理念，组建高质量的管理团队，提升会计信息披露质量。

How to disclose the accounting information in IPO process directly affects the healthy operation of the capital market,and only when it fully plays a role in resource allocation function,will it be able to provide a better service to the actual economy.The registration system is a major reform that can increase the resource allocation function of the capital market,with information disclosure as the core,which can enhance the distribution of resources in the capital market by optimizing the quality of accounting information disclosure of companies to be listed.

Since the first batch of 25 companies listed on the SSE STAR Market in 2019,as of February 17,2023,the registration system has been fully implemented,nearly 2,000 companies have successfully completed listing. The registration system has set up diversified and inclusive listing conditions.A number of promising enterprises have the opportunity to list for financing,but some enterprises are still punished for illegal information disclosure.Therefore,how to promote the accounting information disclosure quality of listed companies under the registration system is the key to the smooth implementation of it.

This paper selects Hongxing Meiling as the research object,a company that failed to go public,uses the case study and comparative analysis methods,based on sorting out the evolution process of the quality of information disclosure of listed companies and taking the impact of the registration system on the quality of accounting information disclosure as the main line,it analyzes the issues and causes of information disclosure of the case.Due to the lack of timely and complete accounting information disclosure,unreasonable fund-raising plan and other accounting information disclosure problems, the listing of the case company failed.On this basis,this paper analyzes the reasons for issues of accounting information disclosure from three aspects:regulators, intermediaries and enterprises.It gives some advice on how to enhance the quality of information disclosure so as to help the case company improve corporate governance and achieve the target of listing again.The main conclusions of the study are as follows:Firstly,compared with the approval system,the registration system makes higher demands on the quality of accounting information disclosure,which is good for the improvement of the quality of accounting information disclosure of the companies to be listed;Secondly,we should further refine the relevant provisions of the registration system from the macro level and improve the rules of information disclosure;Thirdly,we should consolidate the process service content of intermediary institutions,strengthen their own legal and compliance construction,maintain independence,and establish the information disclosure quality responsibility system;Finally, the enterprise itself should optimize its internal control system,change its business philosophy,build up a high-quality management team to enhance the quality of accounting information disclosure.