论文部分内容阅读
在新的股市行情及交易制度下,研究新股上市首日收益显然意义欠缺,难以探究新股背后的个体差异,从而难以真正识别影响新股收益的关键因素,而此轮新股形成的研究样本可一定程度弥补此不足。与以往仅研究上市首日新股收益不同,本文通过研究2014年到2015年5月底上市新股的累计收益发现,影响新股收益的关键因素有投资者情绪、上市时机、发行价、第一大股东持股比例等。公司盈利能力因素虽然正向影响新股收益,但显著性水平相对不高、重要性较小,且对主板的影响大于中小板和创业板。此外,也发现创业板新股的发行价和发行市盈率显著高于中小板和主板。
Under the new stock market and trading system, it is apparently meaningless to study the return on the first day of listing of new shares. It is difficult to explore the individual differences behind new shares so that it is difficult to truly identify the key factors that affect the returns of new shares. However, the research sample formed by this round of new shares may, to some extent, Make up for this deficiency. Compared with the previous study only on the first day of listed IPO earnings, this article through the study of 2014 to the end of May 2015 the cumulative return of new shares found that the key factors affecting the return of new shares are investor sentiment, listing timing, issue price, the largest shareholder holding Share ratio and so on. Although the profitability factor of the Company positively affects the earnings of new shares, its significance level is relatively low and of less importance, and the impact on the main board is greater than that of the small board and the GEM. In addition, GEM also found that issue price and issue price-earnings ratio was significantly higher than the small board and motherboard.