证券交易所监管问询有效性研究综述与展望

A Literature Review of the Effectiveness of Stock Exchange Regulatory Inquiry and Future Prospects

证券交易所的自律监管与监管部门的行政监管相辅相成,共同促进了资本市场的健康发展。向披露存疑的公司发出问询函件,是证券交易所发挥监管职能的重要途径。近年来,国内外理论界和实务界都越来越关注问询函件的作用。本文通过回顾中国证券交易所问询函、澳大利亚证券交易所问询函和美国证监会意见函的相关研究成果,对收函的影响因素和经济后果进行了系统梳理,发现公司治理特征、公司特征、避税倾向、政治关联和监管精力等,均会影响企业的收函可能性;而函件对信息改善、市场反应、公司及利益相关者行为等方面均具有显著影响。在整合国内外研究进展的基础上,本文认为,未来可从细化研究内容、探讨溢出效应、探讨监管问询与其他监管手段的协同效果三个方面进一步深化和拓展相关研究,以此为我国监管问询制度的执行和完善,提供更有价值的参考。

The self-regulation of the stock exchange is complementary to the administrative supervision of the regulatory authorities, and jointly promote the healthy development of the capital market. It is an important way for securities exchange to play its regulatory role by sending inquiry letters or comment letters to the companies whose disclose are doubtful. In recent years, the theoretical and practical circles both at home and abroad pay more and more attention to the role of inquiry letters and comment letters. This paper reviews the relevant research results of China Stock Exchange inquiry letters, ASX inquiry letters and SEC comment letters, and systematically sorts out the influencing factors and economic consequences of letters. It is found that the characteristics of corporate governance, corporate characteristics, tax avoidance tendency, political connections and regulatory energy all affect the possibility of receiving letters. Letters have significant effects on information improvement, market reaction, and behavior of companies and stakeholders. On the basis of integrating the research progress at home and abroad, we think that the future research can be further deepened and expanded from three aspects: refining the research content, discussing the spillover effect, and discussing the synergistic effect of regulatory inquiry and other regulatory tools, so as to provide more valuable reference for the implementation and improvement of China’s regulatory inquiry system.