Journal of Northeastern University(Social Science) ›› 2024, Vol. 26 ›› Issue (6): 67-77.DOI: 10.15936/j.cnki.1008-3758.2024.06.008

• Economics and Management • Previous Articles     Next Articles

Research of Investors' Information Asymmetry from the Perspective of Registration System Reform

WANG Yide, ZHANG Bing   

  1. (School of Business, Nanjing University, Nanjing 210093, China)
  • Published:2024-12-06
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Abstract: As an important variable that restricts investment functions and operating conditions of the Chinese stock market, investors' information asymmetry can aggravate investors' losses and damage market liquidity. The information constraints faced by different types of investors are heterogeneous, i.e., institutional investors are more significantly affected by the marginal impact of investors' information asymmetry, while retail investors suffer from a greater degree of information asymmetry and more severe investment losses. The GEM market has undergone major changes in the issuance review system from the approval system to the registration system, and the market information environment has improved significantly, which has led to a significant and continuous decline in the degree of investors' information asymmetry in the GEM market. However, this policy effect is heterogeneous, that is, the degree of institutional investors' information asymmetry has decreased significantly, but there is no evidence to support the decline in the degree of retail investors' information asymmetry.

Key words: registration system reform; information asymmetry; liquidity; investors' gains and losses; policy evaluation

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