Impact of 5G Commercial License Issuance on Stock Prices of Related Listed Companies: Using Difference-in-Differences Model

As the rapid expansion of 5G commercialization in China recently, people are paying attention to how policy events impact the performance of the stock market. This paper will use difference-in-differences model to analyze the impact of 5G commercial license issuance on stock prices of related listed companies. The researcher selects 105 eligible listed companies in this industry as the research sample and divides them into a treatment group and a control group according to the degree of correlation of the concept of 5G. After analyzing by difference-in-differences model, the issuance of 5G commercial licenses has a significant positive impact on the stock prices of the relevant companies. The positive impact of this policy on companies effectively promotes the commercialization of 5G in China and facilitates China's adaptation to the accelerated development of 5G globally. Finally, this article suggests investors actively focus on policy trends and strengthen their analysis ability of data-level information in the investment process. At the same time, the government needs to make sure the accuracy, immediacy, and continuity of policy promulgation.