理性程度与财富分配——基于新股申购的研究

The Distribution of Wealth and the Degree of Rationality——Based on the Purchase of New Shares

本文试图从中小投资者非理性角度出发,深入分析理性的机构投资者如何利用中小投资者的非理性在IPO新股申购中获利。通过研究发现,在资金中签的背景下,中小投资者IPO首日情绪越高,机构投资者新股获配比例越大;中小投资者IPO首日情绪越高,机构投资者在IPO首日净卖出量越大,中小投资者首日净买入量越大;机构投资者首日净卖出量大或中小投资者首日净买入量越大的IPO长期表现越差,即机构投资者在新股申购时择时申购(Timing)。最后,本文提出了相应的监管对策。

In this paper,we tries to proceed from the irrational perspective of small and medium-sized investors,intensive study how to make use of the small and medium-sized investors"irrational to make profits in the purchase of IPOnew shares.And find that,under the background of the fund in drawing lots,the higher mood of small and medium investors in the first day of IPO will make the proportion of new shares in institutional investors be greater;the higher mood of small and medium investors in the first day of IPOwill make the net sales of institutional investors on the first day of IPO and the net buying of the small and medium investors on the first day be greater;the bigger institutional investors"first day net sales volume or small and medium investors"first day net buying volume will make IPO's long-term performance be worse, that is,institutional investors will timing and purchase new shares.At last,the corresponding regulatory countermeasures are put forward in this paper.