Research On The Impact Of Registration System On The Valuation Of Gem Enterprises

The market plays an important role in the allocation of financial resources and the development of the economy.The implementation of the registration system on the gem has enabled China to embark on a new journey of capital market reform.The original intention of capital market reform is to serve the real economy,promote development with reform,and promote reform with development.However,at present,China’s registration system is still in the pilot stage and the implementation time is short.The current research on the domestic registration system is mainly to analyze the meaning of the policy and the possible impact mechanism,and put forward suggestions for the deepening implementation of the policy.There is little literature to directly study and compare the impact of registration system on enterprise valuation.By analyzing the valuation characteristics of gem and the path analysis of the impact of registration system on GEM valuation,this paper further discusses the impact of registration system reform on GEM enterprise valuation.The reform of the registration system is an important step in the reform of the capital market.In order to study the impact of the pilot of the registration system on the gem,this paper constructs a double difference model based on the daily P / E ratio of gem 50,small and medium-sized value and Shanghai stock index from January 1,2019 to December 31,2021.In gem 50,the did model is constructed for small and mediumsized value,and the placebo test is constructed for small and medium-sized value and Shanghai stock index.The double difference model reduces the endogenous problems in the market.For the robustness of the conclusion,this paper selects the gem 50,small and medium-sized value and daily book value ratio of Shanghai stock index in the same time period,changes the small and medium-sized value of the control group in the did model into small and medium-sized 100,repeats the above empirical process,and conducts two separate experiments.It is concluded that the original hypothesis is tenable,that is,the registration system has a significant positive impact on the valuation of science and innovation enterprises after the implementation of the gem,This shows that the registration system may bring the disadvantages of valuation premium.Based on this,in order to make greater progress and development in China’s capital market reform,this paper puts forward some suggestions on the disadvantages of the current registration system from three aspects: strengthening the construction of information disclosure,strengthening the guidance of small and medium-sized investors,and exploring a registration system in line with China’s national conditions.