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信息披露制度乃美国证券发行注册制的核心,而招股说明书是证券发行过程中最重要的文件。我国证券发行实行注册制改革,无疑要将信息披露制度作为改革的关键,本文试图通过中美证券发行信息披露理论基础、制度流程、招股说明书的内容及证券监管机构审核过程的比较,借鉴美国证券发行注册制的信息披露机制,为我国健全信息披露制度体系,促进我国证券发行注册制市场化改革提供思路和路径。
Information disclosure system is the core of the U.S. securities issuance registration system, while the prospectus is the most important document in the process of securities issuance. The reform of registration system in China’s securities issuance will undoubtedly take the information disclosure system as the key to reform. This paper tries to compare the audit theory of securities issuance and securities regulatory agencies through the theoretical basis, system flow, prospectus of Sino-US securities issuance, The system of information disclosure through the issuance of registration system provides the ideas and paths for our country to perfect the system of information disclosure and promote the market-based reform of China’s securities issuance and registration system.