摘要
文章考察了沪深市场1997年1月1日至2001年6月30日间上市的A股股票在上市后三年内的收益状况,发现中国股票市场上的新股表现出显著的短期弱势、长期强势特征;与自编指数相比较,若以中信综指、中信风格指数为市场基准,将造成对大盘、中盘和小盘新股长期收益状况的认识偏差;在考察了相关因素对新股长期收益状况的影响后发现,上市首日抑价水平和换手率较低的新股具有较高的投资价值,而抑价水平和换手率较高的新股投资价值较低。
The paper reviews the returns in 3 years after IPO process of the stock shares newly issued in A-shares stock market from Jan. 1st, 1997 to Jun. 30th, 2001. It is found that there is a remarkable characteristic of short - run under- performance and long- run above - performance of them. Furthermore, the IPOs with lower under - pricing and exchanging rate in the first issued day have higher investing values than the others.
出处
《统计与信息论坛》
2006年第5期61-67,共7页
Journal of Statistics and Information
关键词
股票市场
IPO
价格行为
长期表现
stock market
IPO
price behavior
long-run performance
