创业板IPO初始和长期收益率——深圳创业板和加拿大TSXV市场的比较分析

IPO Initial and Long- run Returns in the Growth Enterprise Stock Market——Compare between China GEM and Canada TSXV

以2010年在我国深圳创业板和加拿大TSXV市场首次公开发行上市的股票为样本,分别对两地IPO股票的初始和长期收益率进行统计分析和实证检验,结果表明:深圳创业板市场样本股票经调整后的平均初始收益率远远高于加拿大TSXV市场。而长期收益率的表现正好相反,深圳创业板经调整后的长期累积收益率均为负数,加拿大TSXV市场IPO股票的长期收益显著高于同期市场综合指数的平均累积收益水平。为此,本文从上市制度、上市方式等方面分析了加拿大创业板市场特征,以期为我国创业板市场进一步发展提供启示。

Using the data from the IPO stocks of Shenzhen Growth Enterprises Market（GEM） and Cana- da TSXV Market in 2010, this essay analyzed the difference of IPO Initial and Long Run Returns between this two markets. The practical conclusion showed the adjusted average initial return in Shenzhen GEM market is several times of that in Canada TSXV market. As far as the long run returns, the adjusted accu- mulated long run returns are negative. While in Canada TSXV market, IPO long - term returns are significantly higher than the average cumulative earnings level of stocks index during the same period. Therefore, this article analyzed the characteristics of Canada TSXV market from the aspects of listing system and listing ways , etc. so as to provide enlightenment for the further development of China GEM market.