Abstract: Taking the financial report inquiry letters of stock exchanges received by listed companies as research objects, this paper makes use of the samples of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2019 to study the impact of financial report inquiry letters of stock exchanges on CFO turnover. The findings show that the financial report inquiry letters have significantly increased the probability of CFO turnover. And the more the number of letters received concerning the previous year's annual report or the quarterly/semi-annual reports of the same year, the higher the probability of CFOs' leave. It is found through the heterogeneity analysis that in the context of poor quality of corporate information disclosure and good external institutional environment, the impact of financial report inquiry letters on CFO turnover will be more significant. Further analysis shows that the financial report inquiry letters mainly increase the turnover of CFOs with lower executive ability, and the risks of stock price crash is significantly reduced after these CFOs leaving office; meanwhile, when the executive ability of the successor CFO is stronger, the risks of stock price crash will also be significantly reduced. The above-mentioned results show that the financial report inquiry letters can play an informative and regulatory role, improve the quality of corporate information disclosure and promote the healthy development of the capital market through CFOs turnover.

Key words: inquiry letter, CFO turnover, information disclosure, stock price crash