新股短期收益影响因素的实证研究

Empirical Research on the Causes of New Stock Short-term Return

国家宏观政策、企业行业特点、股票供求关系、公司财务状况及基本面等因素都会对新股首日上市后的短期市场表现产生影响。对于其中的系统性因素,投资者难以控制,因此,有关个股的历史信息往往成为投资者决策的主要依据。通过研究有关个股的可衡量的历史信息,试图揭示这些因素与新股上市后短期市场表现的关系。

After IPO,the price tendency of newly listed stock is different,some are rising,some are stable,and some are declining in the short-term.The macro-policies,the industry factors and the information about the stock itself all have impact on this phenomenon. Investors can’t control the former two kinds of factors,the main information the investors often use to make investing decision is the information about the stock. This paper is trying to discover the factors having important impact on the short-term return of the newly listed stock after IPO by researching on the measurable history information about the specific stock,regardless of the uncontrollable factors.