IPO首日超额收益的影响因素研究

On the influencing factors for the excess earnings on the first day of IPO

IPO(Initial Public Offerings)上市后市场的异常表现,尤其是IPO上市首日的超额收益一直是研究的热点问题。围绕可能影响IPO上市首日超额收益的因素,研究这些因素对上市首日的异象是否有影响,有怎样的影响以及产生的影响大小等问题,并比较市场板块间的相应影响因素有何异同,进而就我国证券市场的发展提出个人建议。

The abnormal behave of IPO, and especially the excess earnings on the first day of IPO is always a hot research issue. Concerning this issue, researchers study from two aspects: “first-market underpricing” and “second-market overvaluation”. There are imperfactions in both, the former one contradicts with IPO’s long-term performance, and the latter lacks theoretical basis. So there is room for further research. This paper, centering on the potential influencing factors for the excess earnings on the first day of IPO, discusses whether theses factors have influences on IPO’s abnormal behave the first day; and how and to what extent the influence is; and the differences between theses factors. It further analyzes the influencing factors, and gives suggestion for the development of securities market in our country.