A股、H股新股初始收益率比较研究

Comparative Study of A-shares and H-shares IPO Initial Profit Margin

本文借鉴IPO已有的研究成果,分别对上海A股、香港H股的新股初始收益率进行了实证研究,探讨了企业选择A股或H股发行上市所导致的两个市场的不同反应及其真正动因。实证结果表明,上海A股市场较香港H股市场具有更高的新股初始收益率,但呈逐年递减趋势;A股市场的新股初始收益率与中签率、发行价、上市首日开盘价、上市首日换手率显著相关,而H股市场的新股初始收益率则与净利润增长率、香港恒生指数显著相关。

This paper is an empirical study on A-shares and H-shares IPO initial profit margin, reasons for their choice of marketplace and different market responses. The findings are that Shanghai A-shares market posts higher IPO initial profit margin relative to H-shares market in Hong Kong, but this margin is decreasing over years. While IPO initial profit margin in A-shares market closely correlate to lucky number ratio, IPO prices, initial opening price and first day trading ratio, that in H-shares market correlates to growth rate of corporate net earnings and Hang Seng Index.