股权分置改革后我国A股IPO累积收益率与发行相关因素关系实证分析

Study on the Relation between Accumulated Yield Rate and Affecting Factors of IPO after the Split share Structure Reform in A Stock Market

股权分置改革从2005年5月起开始实施,2006年年底基本完成,研究股权分置改革后我国A股市场IPO的累积收益率。选取2006年1月1日至2007年12月31日期间沪市和深市新发行的A股作为研究样本,分析2007年底和2008年第一季度的累积收益率及影响累积收益率的因素。最后得出结论:累积收益率与发行因素之间存在一定的关系,投资者买进新股长期内所获收益低于市场收益,甚至是亏损的。

The accumulated yield rate of new-issued stocks after the split-share structure reform in A stock market of China was studied. The reform began in May, 2005, and was almost finished in the end of 2006. So newissued A stocks in Shanghai and Shenzhen stock market from the beginning of 2006 to the end of 2007 were instigated to study the accumulated yield rate in the end of 2007 and the first season of 2008, then the factors affecting them were analyzed, a conclusion was drawn： Returns that investors can get by buying new-issued stocks is lesser than that of market, and it＇s even minus.