[1]封文丽,张 姗.基于注册制的互联网企业IPO招股说明书优化[J].金融教育研究,2017,(02):42.
　FENG Wenli,ZHANG Shan.The Optimization of IPO Prospectus for Internet Companies Based on the Registration System[J].,2017,(02):42.
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基于注册制的互联网企业IPO招股说明书优化()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2017年02期
页码:
42
栏目:
出版日期:
2017-03-01

文章信息/Info

Title:
The Optimization of IPO Prospectus for Internet Companies Based on the Registration System
作者:
封文丽;  张 姗
河北经贸大学 金融学院,河北 石家庄 050061
Author(s):
FENG Wenli; ZHANG Shan
Financial School,Hebei University of Economics and Business,Shijiazhuang,Hebei 050061,China
关键词:
股票发行注册制;  互联网企业;  信息披露制度;  招股说明书
Keywords:
stock issuance registration system;  internet companies;  information disclosure system;  prospectus
分类号:
F830.91
文献标志码:
A
摘要:
目前我国股票注册制改革备受关注。注册制的核心是信息披露,而信息披露的核心是招股说明书。随着间接融资渠道向传统行业的倾斜,互联网企业上市融资需求越来越大。在注册制改革背景下,以在美国与中国上市的互联网企业,从披露内容、披露形式、披露质量三方面进行对比分析后提出,互联网企业招股书应侧重披露能充分体现其成长性的信息,突出行业特点,体现差异性; 在将风险说清说透的前提下,完善非财务信息披露; 同时政府应构建电子化信息披露平台,降低企业信息披露的成本,使投资者快速获取信息,提高信息披露的效率。
Abstract:
At present,the reform of the stock registration system in our country is concerned.The core of the registration system is information disclosure,and the core of information disclosure is the prospectus.With the indirect financing channels tilting to the traditional industries,the internet companies need more and more financing.Under the background of the reform of the registration system,the paper selected two listed internet companies respectively in the United States and China; analyzed the difference from three aspects:the disclosure content,disclosure form and the disclosure quality.The results suggest that Internet companies should focus on the disclosure of the prospectus which can fully reflect the growth of the company and the characteristic of the industry.Besides,under the premise of risk,the company should improve non financial information disclosure.At the same time,the government should construct electronic information disclosure platform so as to reduce the cost of enterprise information disclosure,enable investors to obtain the information quickly and improve the efficiency of information disclosure.

参考文献/References:

[1]孙棋琳.互联网企业海外上市的制度成因探析——以阿里巴巴美国上市为例[J].天津法学,2015(3):68-78.
[2]陈政.Facebook招股说明书信息披露分析及反思[J].证券市场导报,2012(11):45-48.
[3]詹雷,吴柠杉.招股说明书风险信息披露分析—以电商企业为例[J].财会通讯,2016(17):77-80.
[4]谌鹏,郑伟一,浦槟岩.非财务指标对IPO估值影响分析—以TMT和互联网企业为例[J].中南财经政法大学学报,2013(3):115-120.
[5]兰邦华.移动互联网企业境内上市问题探讨[J].证券市场导报,2015(2):8-14.
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备注/Memo

备注/Memo:
收稿日期:2017-01-10作者简介:封文丽(1967-),女,河北平山人,教授,管理学博士,研究方向为资本市场与上市公司治理; 张 姗(1992-),女,河北石家庄人,硕士研究生,研究方向为资本市场。
更新日期/Last Update: 1900-01-01