A Case Study About The Company H Was Frequently Questioned

Since the 19th national congress of the communist party of China(CPC)was held,"transforming government functions and innovating ways of supervision" has become the focus and trend of deepening the reform of capital market supervision in the current and future.Under the background of such regulatory system transformation,the stock exchange,known as the "organizer" and "self-regulatory regulator" of the capital market,should give full play to its first-line regulatory role and strengthen its regulatory function.Among them,the inquiry letter is a special kind of stock exchange way,it can in view of the financial report of listed companies to disclose defects,company announcements and related activities of financial information disclosure the integrity,accuracy and other related issues with specific information,help investors,creditors and other stakeholders to improve information symmetry and accuracy,and maintain the rights and interests of stakeholders,maintaining the order of capital market.In recent years,the non-operating capital occupation of listed companies by means of related party transaction fraud has occurred repeatedly,which has caused serious damage and bad influence on the operation of the capital market,and the listed companies involved have also been severely punished by the CSRC.Through sorting out the corporate fraud events in several cases,it is found that some listed companies have actually been repeatedly questioned by the stock exchange in the process of trading fraud and other behaviors,which indicates that the inquiry letter of the stock exchange as a first-line supervision measure may play a role of early warning and strengthening supervision.Then,this article takes H company as a case study object,during the four consecutive years of H company suffered several inquiries as a case,the case company introduction,information process and the company and the market reaction in this process,the H company deep insight into a potential problem with the information deep reason,further mining company fraud motivation and the validity of the analysis of stock exchange information,eventually to H company as capital market"deportation" delisting of the end,to the listed companies,investors and provide policy implications and Suggestions such as external supervision mechanism,power the healthy and orderly development of capital market,maintaining the rights and interests of investors,creditors and other stakeholders.