注册制改革下招股说明书信息披露质量提升建议

Suggestions on Improving the Quality of Prospectus Information Disclosure in the Context of Registration-Based System Reform

证券发行注册制从试点过渡到全面推行,对发行人信息披露提出了更高要求。注册制下,信息披露应由监管导向转向投资者需求导向,以简明有效的方式为投资者提供决策所需的充分信息。本文考察了域外发行信息披露制度与实践,并检视了我国相关做法。在现有准则的基础上,本文提出,招股说明书应进一步规范发行人对自身风险因素的披露方式,分类列示相关因素,并对其进行定性判断;借助商业理念清晰化发行人业务与技术的披露逻辑,便于投资者更有效地衡量发行人的价值与风险;完善发行人控制人的认定与披露内容,为投资者完整呈现发行人的治理结构特别是控制人在其中的积极影响。

The registration-based system of securities offering is in transition to its full implementation, demanding a higher standard of issuers’ information disclosure. Under the registration-based system, information disclosure should evolve from the regulatory orientation to the investor demand orientation, and provide investors with sufficient information necessary to make decisions in a concise and effective manner. The paper investigates the institutions and the practice of issuing information disclosure abroad, and inspects current institutions and practice in China. This paper proposes that the existing prospectus standards can be improved in the following aspects. The issuers’ disclosure of risk factors should be further standardized, the relevant factors should be classified and qualitatively judged. The issuers’ business and technology should be disclosed in a more organized and coherent way in line with the business logic, making it easier for the investors to evaluate the value and risks of the issuers. The identification and disclosure of the controllers of the issuers should be improved, comprehensively providing the investors with the issuers’ governance structure and the positive impacts the controllers of the issuers impose.