Abstract
Exchange inquiry letter is an important and innovative regulatory method, and the efficiency of corporate investment decision-making and theft has not been studied. Theoretically, inquiry letter regulation may have a positive and negative opposite effect on the efficiency of a company's investment. Based on this, this paper adopts the multi-period double difference model used by A-share non-financial listed companies in Shanghai and Shenzhen from 2014 to 2021, and empirical research finds that the inefficient investment of companies receiving inquiry letters from exchanges has significantly improved, and the inquiry letter system of exchanges has reduced the investment efficiency of companies.
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