The impact of the reforms in the Chinese equities exchange and quotations on innovation in cross-border e-commerce enterprises

Abstract

This study empirically assesses the impact of the National Equities Exchange and Quotations (NEEQ) reform on Chinese cross-border e-commerce (CBEC) innovation. The NEEQ reform, enacted by the Securities and Exchange Commission in 2019, was found to significantly suppress innovation in CBEC enterprises. This effect was attributed to policy incentives and signalling effects. Regulatory tests indicated varied effects of stock liquidity and innovation information disclosure on the reform’s impact. Different types of CBEC enterprises exhibit different inhibitory effects. This study highlights the importance of critically evaluating the implications of NEEQ listing. While it may offer short-term capital advantages, the long-term impact on innovation could undermine a company’s competitiveness in a rapidly evolving market. This study provides valuable insights into how such policies may reshape the trajectory of emerging industries, offering theoretical reference for CBEC enterprises landing on the NEEQ in the future.

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