Market-based Financing Reforms and Shareholder Valuations: event Study Evidence from the Chinese Sci-Technology Innovation Board

被引：6

作者：

Qin, Yaohua ^{[1
]}

Xiao, He ^{[1
]}

机构：

[1] BNU HKBU United Int Coll, Div Business & Management, Zhuhai, Peoples R China

来源：

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2023年 / 30卷 / 01期

关键词：

STAR; market valuation; information asymmetry;

D O I：

10.1080/16081625.2021.1886950

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study, the impact of the newly introduced sci-technology innovation board (STAR) on stock valuations in China is examined. Two key event dates are addressed, the STAR guideline announcement date and applicants' prospectus release dates. The results suggest a positive market reaction of relevant listed firms. The difference-in-differences (DID) results for the first event show a reduction in the bid-ask spreads of high-tech firms, as the new policy attracts more analyst research, particularly in-depth research. The DID results for the second event indicate that the information asymmetry for ownership-related listed firms decreases compared to firms within the same industries.

引用

页码：172 / 195

页数：24

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