Research On The Impact Of Exchange Inquiries On The Interest Transfer Behavior Of Major Shareholder

With the continuous development of securities market in China,the company as the lifeblood of the securities market play a crucial role,however,in the process of the optimization and development of the securities market,there always exists the phenomenon of the interest transfer from company managers to related parties,which has naturally led to innovations in the regulatory regime.Despite the continuous improvement of the regulatory regime,information asymmetry still leads to the interests of small and medium-sized investors as well as other stakeholders being infringed.For the purpose of enhancing the quality of information disclosure by companies and to safeguard the interests of multiple parties,the exchange enquiry system has gradually been developed and refined.The majority shareholder’s transfer of benefits is mostly due to the core operator’s necessity to satisfy its own interests and is achieved through transactions with related parties,its consequences and impact cannot be measured in figures for the most part.It is therefore of great interest to research the impact of exchange enquiry on the the majority shareholder’s transfer of benefits.This paper selects the cases of Gosun Holding and analyses the impact path of the Shenzhen Stock Exchange in response to the incident from three perspectives.In the context of the messaging perspective,on the one hand,exchange enquiry triggers self-censorship by sending negative signals to the market and discourage the majority shareholder’s transfer of benefits.On the other hand,the market obtains public information from the exchange of correspondence and makes feedback to curb the majority shareholder’s transfer of benefits by buying and selling shares to lower the share price.In the perspective of external regulation,the market reaction and the synergistic monitoring effect of intermediaries triggered by the Gosun incident of exchange enquiry,which increased the pressure of public opinion on the company as external monitoring through changes in market sentiment,and also restrained the company’s management costs through changes in the auditor’s audit fees,curbing the majority shareholder’s transfer of benefits in two separate ways.In the perspective of corporate governance,restraining the majority shareholder’s transfer of benefits through salary incentives and adjustments to the positions and powers of those involved managers in the illegal interest transfer by Gosun Holdings.According to the above analysis,making recommendations in terms of power mix,media attention and quality of information,in terms of power collocation,the exchange should be given the right to directly investigate and directly punish;In terms of media attention,media monitoring,as a form of oversight,should assist the exchange with timely inquiries and investigations and should stabilize adverse market sentiment in real time;In terms of information quality,a public information integration platform and a real-time information reflection platform should be established to improve the status of exchange inquiries and regulation,amplify the effect of exchange inquiries and regulation,and provide reference for the development of exchange inquiries and regulation in the future.These will enhance the regulatory status and amplify the regulatory effect of Exchange enquiries,and to inform regulatory developments in future exchange enquiry.