Procedural Defects and Judicial Reinforcement of Remedies for IPO Registration Refusal Under the Registration-Based System: From the Perspective of Illegal Environmental Information Disclosure

Abstract

Following the implementation of China’s comprehensive registration-based IPO system, IPO registration refusal decisions issued by the China Securities Regulatory Commission (CSRC) constitute negative administrative acts in the field of administrative licensing, which directly affect enterprises’ financing eligibility and major property rights. At present, China’s remedy system for IPO registration refusal presents prominent deficiencies: inadequate ex ante procedural safeguards, fragmented remedy channels, inconsistent identification criteria for illegal environmental information disclosure, and weak judicial review. In cases where registration is refused on the ground of illegal environmental information disclosure, enterprises commonly face practical obstacles including insufficient defense opportunities, difficulties in verifying specialized facts, and low remedy efficiency. Centered on the protection of enterprises’ right to remedy, this paper adopts normative analysis and comparative research methods to systematically elaborate the jurisprudential basis and normative foundation of remedies for IPO registration refusal. By comparing mature extraterritorial institutional experiences and their adaptability to China’s context, this paper constructs a systematic remedy framework tailored to illegal environmental information disclosure scenarios from three dimensions: improving ex ante procedures, optimizing in-process remedies, and strengthening ex post judicial safeguards. This study aims to enhance effective judicial supervision over regulatory discretion, balance capital market regulatory efficiency and the protection of enterprises’ legitimate rights and interests, and advance the standardized, law-based, and transparent operation of the registration-based IPO system.