股票上市首日交易行为和监管政策效应研究——来自中小企业板上市公司的数据

Research on Trading Behavior and Effects of Supervision Rule of the First trading Shares

本文以股票上市首日发生"触线"行为为研究视角,对开盘涨幅等各种不同影响因素进行了检验。结果发现:新政策期间股票上市首日开盘涨幅均值明显高于旧政策期间;股票上市首日开盘涨幅与发生"触线"行为的概率显著正相关;新政策期间上市的公司发生"触线"行为的概率显著高于旧政策期间。据此提出了增设开盘涨幅限制,进一步完善监管政策、加强中小投资者的投资风险意识教育以及加大对重大异常交易账户的处罚力度等政策建议。

From the perspective of 'touching line', the paper examines various factors to it through the Logistic regression model. The result indicates that the open-return of the first trading shares and the probability of 'touching line' during the new policy are significantly higher than those during the old policy, and the open-return of the first trading shares is significantly positive correlate to the probability of 'touching line'. In order to improve the new policy, some suggestions are brought up, such as increasing restrictions to opening price rises, strengthening risk education to the small and medium-sized investors, and increasing the punishment to some major unusual transactions account.