注册制下IPO公司信息披露研究——基于科创板首批25家公司招股说明书的分析
Research on Information Disclosure of IPO Companies under the Registration System—Analysis of the Prospectus of the First 25 Companies on the Science and Technology Innovation Board

本文以注册制下科创板首批25家IPO公司为研究对象，梳理了25家企业的基本信息，对发行审核环节公开披露的招股说明书进行文本分析，将招股说明书文字内容与准则要求及投资者需求进行比对。研究显示：招股说明书存在企业信息披露不够具象化、科技创新披露不够充分与信息披露语言表述不够精准这三方面的问题。招股说明书文字的质量应当得到重视，企业应不断完善招股说明书内容，监管部门应重视招股说明书方面管理，投资者应对招股说明书进行筛选与建议，在三方协同努力下完善招股说明书内容，以更好发挥注册制的作用。
This article takes the first batch of 25 IPO companies on the Science and Technology Innovation Board under the registration system as the research object, sorts out the basic information of 25 companies, analyzes the text of the prospectus publicly disclosed in the issuance review process, and compares the text content of the prospectus with the requirements of the guidelines and investor needs. Research shows that there are three problems in the prospectus: insufficient concretization of corporate information disclosure, insufficient disclosure of technological innovation, and imprecise language expression of information disclosure. The quality of the text in the prospectus should be valued, and enterprises should continuously improve the content of the prospectus. Regulatory authorities should attach importance to the management of the prospectus, and investors should screen and provide suggestions for the prospectus. Through the collaborative efforts of the three parties, the content of the prospectus should be improved to better play the role of the registration system.