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Registration-based IPO system reform and delisting risks of listed companies

Author

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  • Zhou, You
  • Sun, Lei

Abstract

This paper investigates the impact of the stock issuance registration system reform on the delisting risk of listed companies. Using data of listed companies on the A-share market from 2019 to 2023 as a sample, empirical analysis reveals that: the registration system reform has significantly increased the delisting risk of listed companies; it has reduced the quality of information disclosure, thereby indirectly elevating the delisting risk; and the impact of the registration system reform on the delisting risk of different types of listed companies shows significant differences, with a more pronounced effect on enhancing the delisting risk of non-state-owned enterprises.

Suggested Citation

  • Zhou, You & Sun, Lei, 2025. "Registration-based IPO system reform and delisting risks of listed companies," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325012772
    DOI: 10.1016/j.frl.2025.108019
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    References listed on IDEAS

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