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

DOI

10.2991/978-94-6463-734-2_57How to use a DOI?

Keywords

Capital Market Reform; Corporate Profitability; Difference-in-Differences(DID); NEEQ-listed Companies; Market Efficiency

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.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Haoyang Xin
PY  - 2025
DA  - 2025/05/27
TI  - Research on the Impact of the Registration Reform on the Capabilities of NEEQ-Listed Companies
BT  - Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025)
PB  - Atlantis Press
SP  - 495
EP  - 509
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-734-2_57
DO  - 10.2991/978-94-6463-734-2_57
ID  - Xin2025
ER  -