IPO风险信息披露的内容分析与质量检验

A Content Analysis and Quality Inspection on the IPO Risk Information Disclosure

结合内容分析法、主成分分析法以及回归分析,根据IPO招股说明书所披露的风险因素的内容,对众多的风险因素进行分类并提取主成分,并对主成分与公司上市后主要财务指标变化率之间的相关关系进行分析,对IPO风险因素信息披露的质量进行检验。结果表明,从整体上看,IPO风险因素披露的内容不够详实,其作为投资者投资决策的参考价值有限。提高招股书制作以及审核过程的透明度,加强社会监督以及事后监管,可进一步提高IPO信息披露内容的质量。

According to content of the risk factors announced in the IPO prospectuses, we classified a large number of risk factors, extracted the principal components, and analyzed the relationships between the principal components and the post IPO changes of financial indicators and thus inspected the quality of the announced IPO risk information with the methods of content analysis, principal component analysis and regression analysis. The re sults indicated that generally the contents of the risk factors disclosed were neither adequate nor accurate enough and were of limited value to help investors in making investment decisions. We can further improve the quality of the IPO information disclosure through enhancing the transparency of preparing and approving the prospectuses, and strength ening social overseeing and ex post supervision.