Research On Stock Exchange Inquiry System

With the development of China’s securities market,the scale of the market continues to expand,the market environment tends to be complex,all kinds o f illegal behavior also emerge in endlessly.In order to adapt to various challen ges in the process of securities market supervision and meet the needs of secu rities market supervision,the stock exchange has been paid more and more att ention,and the regulatory measures of the stock exchange have been continuou sly reformed and innovated.Among the increasingly abundant supervision meth ods of the stock exchange,the application of inquiry letter is a highlight.In recent years,Shanghai Stock Exchanges and Shenzhen Stock Exchange have established a relatively complete inquiry system.Sending inquiries letters and other letters to listed companies,asking listed companies to explain,supple mentary disclosure or correct errors of related issues has become a common m ethod used by securities exchanges in the supervision of securities markets.Th e number of letters of inquiry increased obviously,and the degree of disclosur e also improved.In terms of content,the inquiry letter covers a wide range.T hrough the inquiry letter,the stock exchange can inquire about the financial da ta,information disclosure,company operation,merger,reorganization and other aspects of the listed company.At the same time,the hot topic of public opinion and stock price volatility have always been the focus of the inquiry letter.However,as a new kind of flexible restraint means,the actual effect of th e inquiry system still has some room for discussion.Based on the actual appli cation of the inquiry system of the stock exchange,this paper analyzes the fun ction path and practical effect of the inquiry system,and points out the proble ms and deficiencies in the practice,and puts forward a perfect idea.The whol e paper is divided into three parts: introduction,text and conclusion.The text i s divided into four chapters.The main contents are as follows:The first chapter is the current situation and reform exploration of China’s securities market supervision.Firstly,this paper analyzes the current situation o f self-regulation of stock exchanges in China and its deficiencies.The lack of independence and unclear regulatory authority are the important reasons why th e self-regulation of stock exchanges in China cannot fully and effectively play its regulatory role.Then it introduces the theory of responsive regulation,whic h emphasizes the importance of combining governmental regulation with non-go vernmental regulation,and combining mandatory regulation with non-mandatory regulation.It can provide effective theoretical guidance for the reform of the s elf-regulatory system of stock exchanges.The second chapter is an overview of the Stock exchange inquiry system.Firstly,it clarifies the meaning and nature of the inquiry system of the stock e xchange,and sorts out the development process of the inquiry system.Secondl y,from the practical level,the implementation mechanism of the current inquir y system was sorted out,and the main types of inquiry letters,the number of inquiry letters,and the main contents were countedThe third chapter is the effect analysis of the stock exchange inquiry syste m.From the empirical perspective,it can be found that the inquiry system can produce regulatory effect through the warning mechanism,reputation mechanis m and market feedback mechanism,which is a direct reflection of the current front-line regulatory function of the stock exchange.It can effectively supplement the information disclosure of the current securities market,and leave room f or the innovation of the securities market.However,it is worth noting that the inquiry system still has the disadvantages of weak supervision effect and high supervision cost.The fourth chapter is the suggestion for the improvement of the present in quiry system.Based on the effect of the current inquiry system and its deficie ncies,this paper further puts forward the countermeasures to improve the inqui ry system of the stock exchange.First,we will expand the self-regulatory pow ers of stock exchanges and enhance their deterrent power.Second,emphasize t he responsibility of intermediary agencies and urge them to practice diligently.Third,the establishment of good faith commitment mechanism,to strengthen th e responsibility of return letter listed companies.