| The report of the 19 th National Congress of the Communist Party of China pointed out that China’s securities market should carry out regulatory transformation and achieve "innovative regulatory methods",reflecting the determination of China’s regulatory authorities to deepen the reform of regulatory system in the near future and in the future.In this context,the CSRC will carry out the function transformation of "deregulation and strengthening supervision",delegating the supervision function to the stock exchange,and the exchange will play the role of front-line supervision.Make its supervision function increasingly prominent.Based on the trend of regulatory transformation,the inquiry letter system of the exchange came into being.However,different from the reality that the stock exchange,media and investors pay close attention to,the study of this system in the academic circles of our country is just starting,and most of them focus on the inquiry letter of financial report,and the attention to its regulatory role is far from enough.In this paper,on the basis of combing research at home and abroad to exchange information letter,summed up the play to the role of the supervision effect path inquiry letter,and then selects the gac group received reports in the shenzhen stock exchange information letter of this case,the media inquiry letter from with the opening of the media to report,in order to attract regulatory investigation analysis for the process of the whole incident so far,to explore the role of media inquiries letter path as well as the supervision effect,found the special role of the media inquiry letter and put forward corresponding Suggestions.The main conclusions of this paper are as follows.From the perspective of the role of the regulation of the inquiry letter on media reports,the first is to cause negative market reaction: after the media release of relevant reports,the possible problems of the company have formed public opinions on the Internet,releasing negative signals.The Exchange will pay attention to this matter and issue a media report inquiry letter which will signal to the market that some of the content mentioned in the media report is true and may cause a negative market reaction in the market.Secondly,the exchange sends deterrent signals and gives regulatory pressure: after the exchange issues the inquiry letter for media reports,relevant media platforms report the event that GAC Group received the inquiry letter one after another,and continue to strengthen the signal that the exchange pays attention to and supervises this event,so that the company receives the influence of regulatory pressure.The third is reputation-based constraints: if punished by the regulatory authorities,the reputation of the enterprise will be damaged,thereby affecting the performance of the enterprise.Management,therefore,in order to keep the price stable,avoid being punished and focus on the exchange of media inquiries letter detailed reply,reply letters require disclosure of information,so as to improve the quality of corporate disclosure,reduce the information asymmetry problem of investors,help investors to make rational investment behavior,and because the event to the attention of investors and exchange pressure may also alter may involve violations.From the perspective of the regulatory effect of media report inquiry letters,media report inquiry letters tend to inquire about the reports that have been released by relevant media,and the media reports have attracted wide attention and discussion in the market before.At this time,the exchange issued the media report inquiry letter on the one hand,with the help of public opinion pressure,to convey a deterrent signal,increase the cost of enterprise violation.Firm-line exchanges’ inquiry of companies can help to make use of the correction effect of media’s external governance,so as to achieve the role of information disclosure supervision.On the other hand,when there are no clear laws and regulations to restrain and punish the situation,the exchange will find the problem in time and issue the inquiry letter of media report to supervise it,which is an alternative way to remind investors of the potential risks.At the same time,the release of the media report inquiry letter has attracted the continuous attention of relevant departments,which can provide a basis for the punishment supervision after the introduction of relevant laws and regulations,and is the embodiment of the important role of timely supervision and pre-supervision.Due to the limitations of the research methods,this paper only explores the letter of inquiry system in China.However,this paper still has the following contributions: First of all,most of the academic researches on the inquiry letter system in China focus on the inquiry letter in financial reports,but the corporate behavior reflected in the financial reports of enterprises is limited.In this paper,the research on the inquiry letter of media reports can enrich the research on the effect of the inquiry letter system on the timely supervision of corporate irregularities.Secondly,the current study of inquiry letter mostly adopt the method of empirical analysis verification regulation effect,and this article adopts the method of case analysis,through the combing and analysis of the case event,to the media reports the characteristics of inquiry letter,found in the timely regulation,the role of prior regulatory path,and supervise the effect,as revealed alternative risk and provide the base for later punishment role,to perfect the regulation thinking of exchange information letter. |
