Research on the Impact of the Registration Reform on the Capabilities of NEEQ-Listed Companies

Haoyang Xin ()
Additional contact information
Haoyang Xin: Purdue University, Indiana State

A chapter in Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025), 2025, pp 495-509 from Springer

Abstract: Abstract In recent years, China has introduced registration reforms across various market segments like Shanghai and Shenzhen main boards, the STAR Market, the ChiNext Market, and the NEEQ (National Equities Exchange and Quotations). Although there is some significant research exists on the effects of these reforms on major stock exchanges, there is limited focus on their impact on the profitability of companies on NEEQ. The study examines how registration-based reform influences the profitability of NEEQ-listed firms in order to address this gap. Using the Difference-in-Differences (DID) method, this research evaluates the causal effects of the reform on corporate profitability. To ensure robustness, parallel trend analysis is conducted to verify the DID results. Furthermore, a heterogeneity analysis explores whether the company age can influence the outcomes or not. The findings indicate that registration-based reform has not had a statistically significant impact on the profitability of NEEQ-listed companies. These results suggest that while structural reforms aim to enhance market efficiency and transparency, their immediate effects on smaller or emerging-market segments may differ from those observed in large. This study contributes valuable insights to policymakers and investors focused on China’s evolving capital markets.

Keywords: Capital Market Reform; Corporate Profitability; Difference-in-Differences(DID); NEEQ-listed Companies; Market Efficiency (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-734-2_57

Ordering information: This item can be ordered from
http://www.springer.com/9789464637342

DOI: 10.2991/978-94-6463-734-2_57

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().