Under the comprehensive registration system,information disclosure is regarded as the audit concept,and IPO audit inquiry is an important means to implement this concept when issuing new shares.Considering the practical value of IPO audit inquiry,this paper combines the theory of responsive regulation,information asymmetry theory and signal transmission theory to further clarify the impact of IPO audit inquiry.It is found that in terms of supervision effect,IPO audit inquiry significantly improves the quality of IPO information disclosure of the companies to be listed,enhances the information transparency,and is conducive to investors'effective value mining of the entities to be listed.In terms of information effect,IPO audit inquiry effectively weakens the problem of information asymmetry in the primary market and the secondary market,and further produces the effect of reducing the differences of opinions on offline inquiry.It promotes the pricing efficiency of IPO,reduces the negative drift of stock returns after listing through the information effect.The research conclusions fill the gaps in the current research,provide some practical enlightenment for the participants,and provide valuable research direction for the follow-up research.
full registration systemIPO review inquirysupervision effectinformation effectliterature review
维普
万方数据
