A股上市公司交易所问询函数据

问询函是指，上海证券交易所和深圳证券交易所在审核上市公司相关公告过程中如果发现未达到“直接监管标准”（一般表现为信息披露不准确或内容不全）的问题时，会针对财务报告、并购重组、关联交易、股票异常波动和媒体报道的社会热点等事件发出问询函，详细列出相关监管规则的具体条款，并要求上市公司结合所列条款和自身的行为在规定时间内进行解释说明、补充披露和错误更正，或要求上市公司的法律顾问和财务顾问有针对性地发表意见。无论是发函还是回函，交易所都要求上市公司及时公开披露，倘若上市公司仍存在信息披露不准确或不全的问题，交易所还会出具二次问询函甚至三次问询函。以问询函为载体的监管形式是我国证券交易所对上市公司进行日常监管的重要手段。  问询函制度的广泛采用源于2013年的信息披露直通车改革，改革之后，交易所对上市公司财务报告的监管重心由事前转移到事后监管，问询函便是事后监管的主要途径之一。 显然，问询函是增加信息披露的一种重要方式，其及时、专业的特性使得我们既能了解到交易所对上市公司的监管内容和监管力度，也能分析评估相关上市公司的公司治理能力、潜在风险，还会对利益相关者的决策产生影响。

Inquiry letters refer to documents issued by the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). During their review of relevant announcements issued by listed companies, if the exchanges detect issues failing to meet the "direct regulatory standards" (generally manifested as inaccurate or incomplete information disclosure), they will issue inquiry letters targeting events including financial reports, mergers and acquisitions (M&A) and restructuring, connected transactions, abnormal stock price fluctuations, and social hot topics covered by media. These letters will explicitly list specific clauses of applicable regulatory rules, and require listed companies to provide explanations, supplementary disclosures and corrections of errors within the specified timeframe in accordance with the listed clauses and their own relevant practices, or request the companies' legal advisors and financial advisors to submit targeted comments. The exchanges mandate listed companies to make timely public disclosures for both the issuance of inquiry letters and the subsequent replies. If listed companies still have issues with inaccurate or incomplete information disclosure, the exchanges may further issue secondary or even tertiary inquiry letters. This regulatory mechanism centered on inquiry letters serves as a key tool for China's stock exchanges to conduct daily supervision over listed companies.

The widespread implementation of the inquiry letter system originated from the 2013 Information Disclosure Direct Reporting Reform. Following this reform, the exchanges shifted their regulatory focus on listed companies' financial reports from ex ante to ex post supervision, with inquiry letters emerging as one of the primary channels for such ex post supervision. Evidently, inquiry letters represent an important approach to enhancing information disclosure. Thanks to their timeliness and professionalism, these letters enable researchers and market participants to not only gain insights into the content and intensity of exchanges' supervision over listed companies, but also analyze and evaluate the corporate governance capabilities and potential risks of relevant listed firms, while also exerting an impact on the decision-making of relevant stakeholders.

搜集汇总

背景与挑战

背景概述

该数据集包含A股上市公司在上交所和深交所的问询函及回复信息，涵盖多个关键字段如公司代码、发函日期等，适用于监管研究和公司治理分析。