关键词: 非行政处罚性监管, 交易所问询函, 银行信贷决策

Abstract: In recent years，the inquiry letter sent by the Securities Exchange has become the important mechanism to ensure and improve the quality of information disclosure of listed companiesIts implementation effect has become the focus of regulators and academicsFrom the perspective of bank，this paper studies the economic consequences of the inquiry letters on the external stakeholdersSpecifically，this paper studies the impacts of the inquiry letters on bank loan decisionsThe study finds that the inquiry letters motivate banks to provide loans with higher interest rates，shorter maturities and higher likelihood of being securedFurther analysis indicates that the above relations are more significant when banks are concerned about the borrowers information risk and credit risk or borrowers' information risk and credit risk is high，but there are not significant differences in the nonprice termsAt the same time，the impact of inquiry letters on bank credit decisions is more significant when there is a stronger information asymmetry between banks and enterprisesFinally，the study finds that there is a significant increase in analysts' predict dispersion after the companies receive the inquiry letters，which indicates the information risk is the possible influence channel

Key words: the nonpenalty regulation, the inquiry letter, the bank loan decision