Study On The Regulatory Effect Of The Tunneling Behavior Of Major Shareholders By Regulatory Inquiries

Since the 19 th National Congress of the Communist Party of China,China’s regulatory authorities have continuously promoted the deepening reform of the regulatory system and are committed to implementing the concept of "supervision according to law,comprehensive supervision and strict supervision".As trading activities in the capital markets become more frequent and diverse,the means by which major shareholders hollow out listed companies have become more hidden and complex.To this end,China’s stock exchanges continue to strengthen the supervision of the hollowing out behavior of major shareholders,through the issuance of inquiry letters,in order to standardize the information disclosure behavior of listed companies,improve the quality of information,in order to control potential risks,so as to protect the interests of investors and ensure the steady operation of the market.This thesis takes the most representative "major shareholder hollowing out" in the second type of agency problem as the research object to explore the regulatory effect of the inquiry letter on it.First of all,analyze the background of the hollowing out incident of the major shareholders of Jinya Technology,the hollowing out means of the major shareholders,and the main points of the inquiry content.Second,analyze the mechanism of inquiry supervision,the regulatory path and the regulatory effect.Finally,the inquiry letter analyzes the problems and reasons in the process of supervising the hollowing out behavior of the major shareholders of Jinya Technology,and gives targeted and universal suggestions.Through the case analysis,this thesis comes to the following conclusions: the inquiry letter sends a regulatory signal,plays an immediate deterrent and warning role,strengthens supervision through the reputation mechanism and cooperates with the media,and at the same time causes stock price fluctuations to trigger market supervision,forming a regulatory synergy.Finally,the information content of the hollowing out incident of the major shareholders of Jinya Technology was increased,the information asymmetry was reduced,and Jinya Technology was urged to implement rectification and remedial measures.However,there is a problem that the incremental information of Jinya Technology’s reply letter is difficult to meet the information needs of investors,which is mainly due to the non-administrative punishment of the inquiry letter itself and the disadvantage in the information environment.In addition,the excessive concentration of the company’s equity and the shortcomings in internal governance are also one of the reasons that affect the effectiveness of the inquiry supervision.Therefore,it is recommended to improve and enhance the effectiveness of inquiry supervision by strengthening regulatory authority,strengthening supervision,optimizing the information environment,and improving the internal governance of the company.