Research On The Regulatory Effect Of Exchange Comment Letters

Due to the lag of traditional information disclosure regulatory mechanisms and changes in the market environment,in response to new regulatory challenges,Chinese exchanges implemented the information disclosure express reform in 2013,and comment letter became an important means of the new regulatory model.Since then,the number of exchanges issuing functions has surged year by year.But comment letter are only a non administrative punitive regulatory measure and do not have the ability to punish.In this context,studying whether comment letter can exert regulatory effects can help to comprehensively understand the effectiveness of comment letter,and has important research significance.Therefore,this article chooses to explore from a micro perspective whether the inquiry letter truly points to the company’s pain points and delves deeper into the lesions,in order to study the regulatory effect of the inquiry letter on specific companies.On the basis of previous research,this article takes the Shenzhen Stock Exchange’s inquiry into the assets of Bangjie Group as a case study object,traces the entire process of implementing inquiry letter supervision on the Shenzhen Stock Exchange,deeply analyzes the reasons for exchange regulatory inquiries,studies the mechanism of inquiry letter supervision,and explores the performance of case companies’ information disclosure quality,market response,and subsequent impact before and after inquiries.This study found that comment letter can convey warning messages,bring attention and public opinion pressure to Bangjie Group,forcing the company to modify its asset restructuring plan due to reputation considerations.comment letter play a regulatory role through the mechanism of "information transmission,arousing attention → reputation consideration,and constraining behavior";Moreover,the inquiry letter can accurately identify the "pain points" in the information disclosure of Bangjie Shares,and through inquiry,the quality of the company’s information disclosure can be improved;The market also experienced positive and negative market reactions during the process of receiving letters of inquiry,which affected the final development of the restructuring event.Therefore,this article believes that the exchange inquiry letter system has effectively played a regulatory role.Investors should actively pay attention to and rationally interpret the information feedback from the exchange inquiry letter.Listed companies should actively cooperate with regulatory inquiries and actively improve the quality of information disclosure.Regulatory authorities should continue to promote the implementation of inquiries and continuously improve relevant regulatory systems in practice.This article analyzes the inquiry letter system in real case scenarios,conducts in-depth research and exploration on the implementation effect of inquiry letter supervision in actual enterprises,and discovers the actual regulatory mechanism and performance of comment letter.From a micro level,it supplements the case basis for the study of the regulatory effect of comment letter.Moreover,the research conclusions of this paper can help investors and listed companies to deeply understand the intrinsic value of the inquiry letter,provide new reference ideas for the regulatory authorities to improve the inquiry letter system,and contribute to the long-term and efficient development of the inquiry letter system.