Research On The Inquiry System Of Corporate Bond Issuance

In the last ten years,the Shanghai Stock Exchange and Shenzhen Stock Exchange have established relatively complete inquiry systems.Inquiry letters have become a common tool for stock exchanges to express concerns to listed companies,request listed companies to explain,supplement and disclose related issues,or correct errors.The number of inquiry letters issued has increased significantly,and the degree of disclosure has been further improved,covering a wide range of content.The Stock Exchange may inquire about the issuer’s financial status,operating business information,management changes,etc.Social hot topics have always been the focus of the inquiry letter.However,as a new flexible means of restraint,there is still a lot of work to be done to explore the actual effects of the inquiry system and the legal mechanism behind it.Combined with the practical application of stock exchange inquiry,this paper analyzes its implementation mechanism and practical effect,finds out the problems and deficiencies in practice,and puts forward improvement measures.The full text is divided into three parts: introduction,body and conclusion.The text consists of five chapters,as follows:The first chapter is the current situation and insufficient supervision of bond market supervision in China.First,it analyzes the current situation of multi-agent supervision,frequent bond defaults inflated bond ratings in bond market.It is generally believed that lack of independence and unclear regulatory agencies are important reasons why China’s stock exchanges cannot fully and effectively perform their regulatory role.To solve this problem,the author believes that a separate bond supervision law can be designated at present,and the bond rating mechanism and bond default resolution mechanism can be improved.To a certain extent,this can provide effective theoretical guidance for the reform of bond market supervision.The second chapter outlines the inquiry system.Firstly,it defines the legal nature of the inquiry letter.The inquiry letter is a non-administrative supervision method that covers the main types,issuance quantity and main content of the inquiry letters issued by the Shanghai and Shenzhen Stock Exchanges in recent years.Secondly,it analyzes the development process of the stock exchange inquiry system.Finally,it summarizes the practice of issuing inquiry letters in our country.The current inquiry system has the characteristics of increasing number,expanding content,and gradually highlighting the effect.The third chapter is the analysis of the effect and influence of the inquiry system.From an empirical point of view,it can be concluded that the inquiry system is a direct manifestation of the current front-line supervisory functions of stock exchanges,an effective supplement to the information disclosure system,and a flexible innovation of supervisory methods.Generally speaking,inquiry can effectively supplement the deficiencies existing in the information disclosure of the securities market and leave space for the innovation of the securities market.However,the current search system also has defects.It should be pointed out that the inquiry letter is not focused on the inquiry keys,the regulatory deterrent is weak,the information disclosure model under the inquiry system is rigid,and the awareness of the rights and responsibilities of intermediaries is not strong.At the same time,in view of the increasingly complex market environment,it is costly to inquire and supervise listed companies.The fourth chapter firstly outlines the nature of the SEC and the Australian Exchange,and then compares and analyzes the inquiry letter systems of the two.At the same time,compare the difference of inquiry letter with China in terms of inquiry organization,inquiry mechanism,inquiry focus,letter issuance time,response time and timeliness of disclosure.The fifth chapter puts forward the countermeasures to improve the inquiry system of the stock exchange based on the effects and deficiencies of the current inquiry system.First,it is necessary to highlight the key points of the inquiry and avoid the cost of the inquiry being higher than the effect of the inquiry.Second,improve the self-regulatory capabilities of stock exchanges and enhance regulatory deterrence.Third,the purpose of inquiries is to improve the quality of information disclosure.Therefore,it is necessary to deepen risky information disclosure while improving the information disclosure system.Fourth,emphasize the responsibilities of intermediary agencies and call on intermediary agencies to earnestly perform their duties,improve their professionalism,and ensure their independence.Fifth,formulate a separate bond supervision law.