在中国证券市场股票发行制度安排下，发审委事实上成为公司股票发行申请的最终审核人，肩负着为证券市场筛选合格上市公司的重任，因此，发审委能否高质量地履行其职责对于中国整个证券市场的资源配置效率具有重要影响。本项目从发审委委员个人角度，深入分析发审委审核质量的评价、影响因素、问责机制和保障体系问题，试图打开发审委这一“黑箱”。具体而言，首先，本项目从发审委能否有效识别申请发行股票公司的会计信息质量、业务独立性和关联交易的角度来评价发审委审核质量；其次，分别从发审委特征和公司特征的角度探究影响发审委审核质量的因素；再次，从发审委委员被替换的角度探讨发审委审核质量的问责机制；最后，在上述研究的基础上构建一套发审委审核质量保障体系。本项目的研究不仅有助于拓展和深化有关发审委及其审核行为的认识，而且对于优化股票发行审核制度和提高证券市场资源配置效率具有借鉴意义。

Under the institutional arrangements of the stock issuance in China’s securities market, the issuance examination committee (IEC) in fact has become the final examiner of the company’s stock issuance application, and shoulders the heavy responsibility of screening qualified listed companies for the securities market. Therefore, whether the IEC can perform its duties with high quality has an important impact on the efficiency of resource allocation of the entire securities market in China. From the perspective of the members of the IEC, this project thoroughly analyzes the quality evaluation, influencing factors, accountability mechanisms and quality assurance system, and tries to open the “Black box” of IEC. Concretely speaking, first of all, this project evaluates the examination quality of the IEC from the perspective of whether the IEC can effectively identify the information quality, business independence and the related party transaction of the company applying for issuing stocks; secondly, this project examines the influence of examination quality from the perspective of the IEC and the company characteristics; thirdly, from the perspective of the IEC members to be replaced to analyze the accountability mechanism of examination quality; finally, on the basis of the above research, a set of quality assurance system of examination quality is constructed. This project not only helps to expand and deepen the cognition of the IEC and its examination work, but also has reference significance for optimizing the examination system of stock issuance and improving the efficiency of resource allocation in the securities market.