Jixin Technology Inquired About The Case Study Of The Regulatory Market Reactiona

Since the 19th National Congress of the Party Central Committee,government regulatory departments have continuously promoted "supervision according to law,comprehensive supervision and strict supervision",so "strong supervision" has gradually become the main theme in the capital market.At the same time,the Shenzhen Stock Exchange and the Shanghai Stock Exchange actively responded to and learned to implement the spirit of the report on strengthening supervision and innovating supervision in the report of the 19th National Congress,firmly adhered to the frontline position of the Stock Exchange in dealing with financial risks,and strengthened their regulatory responsibilities and risk prevention and control capabilities.The inquiry letter is a special regulatory method of the stock exchange,which can conduct targeted inquiries on the completeness and accuracy of the disclosure of financial reports of listed companies,company announcements and related activities such as corporate finance,etc.,to help investors,creditors and other stakeholders improve information symmetry and accuracy,safeguard the rights and interests of stakeholders,and maintain the order of the capital market.In recent years,the problem of non-operating capital occupation of listed companies by means of related party transaction fraud has occurred repeatedly,which has caused serious damage and bad impact on the operation of the capital market,and the listed companies involved have also been severely punished by the CSRC afterwards.Therefore,based on the changes in corporate financial and non-financial data before and after Jiangsu Jixin Wind Energy Technology Co.,Ltd.received the inquiry letter,this paper studies the market response of the inquiry supervision to listed companies,further analyzes the impact of the enterprise’s receipt of the inquiry letter and the degree of cooperation on its market,and creatively puts forward opinions and suggestions on solving such problems.This article selects Jiangsu Jixin Technology Co.,Ltd.as a case,and uses the literature research method and case analysis method to analyze and discuss the key inquiry content of Jixin Technology’s receipt of the inquiry letter from the Shanghai Stock Exchange and the market reaction after receiving the inquiry letter and the reply letter.First of all,the reasons for the implementation of the inquiry letter supervision of the annual report by the Shanghai Stock Exchange for three consecutive years were analyzed,and by combing the relevant content of the announcement of the related party transaction of Jixin Technology,it was found that the reason for the supervision of the inquiry letter of the Shanghai Stock Exchange was that there were problems such as concealment of related party relationships and unreasonable transaction pricing in the company’s asset acquisition announcement.Secondly,further analyzing the market reaction caused by the supervision of the three inquiry letters,combined with the fluctuations of the company’s stock price during the supervision of the inquiry letter,it is found that the two inquiry letters have caused a decline in the company’s stock price,and the negative market reaction caused by the supervision of the third inquiry letter is more intense.Finally,after case analysis,it is concluded that the supervision of the inquiry letter implemented by the Shanghai Stock Exchange has improved the transparency of the disclosure of information on related party transactions of Jixin Technology,and forced the major shareholders of the company to return the illegally occupied funds,which has played a preventive regulatory role.This proves that inquiry letter supervision is an effective non-administrative regulatory means that can cause changes in the internal and external environment of the company.