"Exhale the Old in Order to Inhale the New":An Event Study Based on the New Delisting Regulations
Delisting system is the basic legal system of the capital market.This paper takes the official release of the new delisting regulations on December 31,2020 as the research event and tests the short-term market response after the release of the new regulations.The results find that:(i)the stock market makes significant positive response upon the official release of the new delisting regulations;and(ii)the market response to companies with lower level of operating risks,lower level of regulatory risks,better information environment and higher level of investor protection is more positive.Further analysis shows that there is no significant difference in the impact of state-owned and non-state-owned listed companies;investors have a relatively negative market response to GEM listed companies;and compared with the draft version,the market response more significantly towards the official version.The conclusion shows that the new delisting regulations optimizes the market environment,and high-quality companies benefit more from the dividend of capital market reform.
New delisting regulationOperating riskRegulatory riskInformation disclosureInvestor protection
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