投资者情绪对科创板IPO高初始收益率的影响研究

Research on the Impact of Investor Sentiment on the High Yield on the First Day of IPO on the SSE STAR Market

科创板市场相较于其他市场采用了全新的制度,但科创板IPO新股首日表现仍存在着高收益率的现象。本文从行为金融学出发,研究了投资者情绪对科创板新股首日收益率的影响,通过对国内外文献的综合分析后,提出了科创板IPO首日收益率与投资者乐观情绪正相关的假设,并通过实证分析验证了假设的成立。

Compared with other markets,the SSE STAR market has adopted a brand-new system,but there is still a high rate of return on the first-day performance of the new IPO shares.Starting from behavioral finance,this paper studies the influence of investor sentiment on the first-day return of IPO shares on the SSE STAR market.By way of a comprehensive analysis of literature at home and abroad,it is hypothesized that the first-day return of IPO is positively related to investor optimism,which is verified through empirical analysis.