IPO重启首日超额收益实证研究

重启之后的中国证券市场,是否能有效地消除各种弊端,抑制首日超额收益过高等异常现象？文章选取我国IPO重启以后发行的新股作为样本,从信息的不对称、承销商的声誉、我国特殊的新股发行制度以及我国投资者的情绪四个角度对我国IPO重启首日超额收益现象进行实证分析,并力图从一级市场发行价格确定和二级市场交易价格形成两个环节来解释我国的IPO首日超额收益,提出一些建设性的参考意见,促进我国的上市公司对IPO进行合理定价,优化资本市场资源的配置。

Restart on the first day IPO returns over Empirical Study

Chinese stock market after the restart,it can effectively eliminate all the disadvantages of the first day of inhibiting abnormal excess return is too high？ This selection of new shares after the IPO to restart as the sample,from the information asymmetry,underwriter reputation,IPO of a special system and the four perspectives of investor sentiment on the restart on the first day of IPO proceeds over the phenomenon of an empirical analysis and trying to determine the issue price from the primary market and secondary market trading price formation to explain two aspects of the first day of the IPO excess returns,then a reference to some constructive advice,and promote China＇s listed companies to make reasonable IPO pricing,optimize the capital market allocation of resources.