Why isn't the entire link sent via BATCH?

Question

Browsers

I'm trying to open a file in a browser via batch. I need to pass the following URL to the browser: "file:///C:/Users/Andrii/Desktop/N21_Presentations/PlanPresentations.swf?key1={395DDFCE-6D06-4A06-94FF-F771B2B05099}".
But the browser only gets to the question mark, that is: "file:///C:/Users/Andrii/Desktop/N21_Presentations/PlanPresentations.swf"
Code:

start file:///C:/Users/Andrii/Desktop/N21_Presentations/PlanPresentations.swf?key1={395DDFCE-6D06-4A06-94FF-F771B2B05099}

For verification, I tried to do the same through .NET , the result is the same.
System.Diagnostics.Process.Start("url");