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

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  • Yaohua Qin
  • He Xiao

Abstract

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.

Suggested Citation

  • Yaohua Qin & He Xiao, 2023. "Market-based Financing Reforms and Shareholder Valuations: event Study Evidence from the Chinese Sci-Technology Innovation Board," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 30(1), pages 172-195, January.
    • Handle: RePEc:taf:raaexx:v:30:y:2023:i:1:p:172-195
    DOI: 10.1080/16081625.2021.1886950
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