投资者情绪对科创板IPO高初始收益率的影响

The Impact of Investor Sentiment on the High Initial Return Rate of IPO on the Sci-tech Innovation Board

在我国资本市场存在着明显的IPO高初始收益率现象,科创板作为我国制度重大创新的载体,首次在中国资本市场登台,开创了注册制改革。对于投资者情绪在科创板新股高初始收益率中的研究,有着里程碑的意义。从2019年开板至2020年5月底,共计有105家企业在科创板挂牌上市。本文以这些公司为研究样本,探讨首日高收益率,并在此基础上针对科创板市场中存在的IPO高初始收益率现象提出相关建议。

In my country’s capital market,there is an obvious phenomenon of high initial yield of IPOs.As the carrier of major institutional innovations in my country,the Science and Technology Innovation Board made its debut in China’s capital market for the first time and initiated the registration system reform.The research on investor sentiment in the high initial yield of new stocks on the Science and Technology Innovation Board has milestone significance.From the opening of the market in 2019 to the end of May 2020,a total of 105 companies have been listed on the Science and Technology Innovation Board.This article uses these companies as research samples to discuss the first-day high yields,and on this basis,put forward relevant suggestions for the high initial yields of IPOs in the science and technology board market.