Loosening of Access Threshold and Downturns in Listed Firms Performance: A Quasi-Natural Experiment from the “IPO Green Channel” for Poverty Alleviation

Figure 2

ROA figure of Yiming pharma. Note: Yiming pharma was successfully listed in Tibet through this policy in 2016. The trend of treatment group and control groups was basically the same before the occurrence of the policy in 2016. After 2016, both treatment group and control group showed a significant downward trend, but the decline of treatment group was more drastic and the gap between them was getting bigger (the figure is directly exported by Stata software).