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Academic Journal of Business & Management, 2024, 6(3); doi: 10.25236/AJBM.2024.060335.

Study on the impact of registration system on GEM enterprise valuation


Lu Youju

Corresponding Author:
Lu Youju

School of Economics and Management, Guangxi Normal University, Guilin, 541006, China


The landing of registration system in GEM is an important measure of China's securities market reform. Using this exogenous event, the daily price-earnings ratio of 50 GEM, Small and medium-sized composite index and Shanghai Composite Index from January 1, 2019 to December 31, 2021 as samples, the differential differential model is used to test the impact of registration system on GEM valuation. The research results show that: After the implementation of GEM registration system, the GEM enterprise valuation index has further improved. This indicates that the registration system may bring the disadvantage of valuation premium. Based on this, in order to enable China's capital market to operate sustainably and stably, this paper puts forward the following suggestions: First, improve the information disclosure supervision system and enhance the awareness of the responsibility of information disclosure subjects; Second, strengthen the investor protection mechanism and enhance the risk prevention ability; Third, promote the comprehensive construction of the registration system and increase the supply of GEM companies.


registration system; GEM; Corporate valuation

Cite This Paper

Lu Youju. Study on the impact of registration system on GEM enterprise valuation. Academic Journal of Business & Management (2024) Vol. 6, Issue 3: 274-281. https://doi.org/10.25236/AJBM.2024.060335.


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