Research On The Impact Of Inquiry Letter Supervision On Accounting Information Comparability

In recent years,China’s regulatory authorities have continued to strengthen supervision and promote "legal supervision,comprehensive supervision and strict supervision" has become one of the important topics in the development of China’s financial market.In the first year of the 14 th five year plan,it is of great significance to promote the reform of market supervision system and improve the quality of listed companies.As the supervisor of China’s financial market,the stock exchange is duty bound to prevent the risk of China’s financial market.As the key regulatory policy of the front-line regulation of the exchange,whether the inquiry letter regulation can effectively improve the quality of China’s listed companies and improve China’s enterprise regulatory system is still controversial.Based on the comparability of accounting information of listed companies,this paper studies the regulatory effectiveness of exchange inquiry letters under the background of the transformation of China’s capital market regulatory mode.It is found that the inquiry letter system of Shanghai and Shenzhen stock exchange can indeed restrict the opportunistic behavior of listed companies to a certain extent,play a regulatory role and improve the comparability of accounting information in the industry.In the letter receiving sample,it is found that when the inquiry letter received by the listed company includes the inquiry letter of financial report,the inquiry letter supervision improves the comparability of accounting information more significantly.At the same time,this paper discusses whether media supervision has a significant impact on the above relationship.The results show that when enterprises are under weak media supervision,inquiry letter supervision plays a more significant role in improving the comparability of accounting information.Further research shows that positive media reports and neutral media reports will reduce the positive impact of inquiry letter supervision on the comparability of accounting information,and negative media reports will not reduce the effect of inquiry letter supervision;When listed companies have state-owned property rights,lower shareholding ratio of institutional investors and fewer analysts,inquiry letter supervision plays a more significant role in improving the comparability of accounting information;The effect of inquiry supervision of Shenzhen stock exchange is better than that of Shanghai Stock Exchange.Based on the subdivision characteristics of the inquiry content of the inquiry letter,when the inquiry content involves requiring the accounting firm to express professional verification opinions,profit adjustment,competition in the same industry,related party transactions and other matters,it can better improve the comparability of accounting information of listed companies.