上海股市新股投资收益的实证分析

An Empirical Analysis of the Return on IPOs in Shanghai Stock Exchange

作为奉行简单长期持有战略的投资者应该投资于IPOs还是投资于上市几年后的老牌上市公司?实证研究发现:投资上海股市1997～2003年首发公司股票其平均收益比较高,五年的平均收益率高达57.3%,是同期上证指数的两倍,结论与美国股票市场相比反差较大。并对此进行了分析讨论。

The empirical studies show that for the investors who just buy and hold the average rate of return on IPOs in Shanghai Stock Exchange duving 1997-2003 amounted to 57.3%,which was two_fold of the risen amplitude of the shanghai stock Index and presented a striking constract with American stock exchanges.This paper discusses the causes.