Research On The Influence Of Stock Exchange Inquiry Letter On The Performance Of Enterprise Merger And Acquisition

In recent years,with more and more companies undergoing mergers and acquisitions,the support of regulatory policies is particularly important.For A-share listed companies,the content information of the reorganization before the suspension is confidential,and the announcement issued after the suspension contains all the information that should be disclosed this time.But our capital market is not completely effective.In order to ensure the orderly operation of the capital market,strengthen the quality of information disclosure,and improve external governance,the Exchange has issued inquiry letters since the end of 2014 to inquire about various matters of listed companies.This article takes 475 major asset restructuring events completed by Shenzhen Stock Exchange listed companies from 2015 to December 2018 as the research object,and uses the event research method and regression model to perform regression analysis on M&A performance.The study came to the following conclusions: Through the study,it was found that the enterprises that experienced major asset restructuring had reduced long-and shortterm performance after receiving the inquiry letter.In the short term,due to the limited attention of investors,after the company receives the inquiry letter,the trust in the company will be reduced.Therefore,the receipt of the letter will have a negative impact on the short-term performance of the enterprise,and the information content of the inquiry letter will also matters.The more detailed the inquiry letter of the exchange for the M&A performance of an enterprise,the more problems it reveals,and the greater the negative market reaction.In the long run,companies that receive an inquiry letter may pass on serious agency problems or corporate governance risks,and long-term market performance has also declined,which has served as a risk warning.Companies with a higher degree of information asymmetry have a greater impact on performance when they receive an inquiry letter.Based on the above research content,this article puts forward the following suggestions: the country's securities regulatory agencies should take stricter regulatory measures to avoid the leakage of information in the early stage of mergers and acquisitions.The exchange and the China Securities Regulatory Commission should coordinate and coordinate in order to improve the current regulatory system and enhance the law enforcement position and regulatory role of the stock exchange.At the same time,the exchange should maintain continuous attention to listed companies and announcements,so that investors can maintain confidence in the information disclosed by listed companies.For companies in mergers and acquisitions who have unclear explanations,they can make multiple inquiries to improve the quality of the company's information disclosure.