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为研究现行制度下新股网上申购投资收益,通过对全流通前后IPOs数据的统计分析,选取2006年6月～2007年12月数据段为研究对象.研究银行间市场回购融资、交易所市场回购融资、现金三种不同资金来源用于新股网上申购的情形,分析不同资金规模的收益回报情况.研究中用分层抽样技术,对新股上市首日售出价和申购日市场回购利率构造三角概率分布,进行随机模拟,得出单个投资者比较合理的新股申购资金规模及收益.结果对于合理设计以新股申购为主要投资对象的理财产品、设定新股申购资金规模、以及对新股申购成本与收益回报的定位等都有重要参考意义.
In order to study the investment income of online stock purchase of new shares under the current system, this paper chooses the data segments from June 2006 to December 2007 as the research object through the statistical analysis of the IPOs before and after the full circulation, and studies the interbank market repo financing and the exchange market return Purchase and financing, cash for three different sources of funds for online purchase of new shares, analysis of the return on earnings of different sizes.In the study using stratified sampling techniques, the IPO price on the first day of IPO and the market repurchase rate structure Trigonometric probability distribution and random simulation to get a more reasonable single investor’s IPO subscription funds size and benefits.Results For the rational design of new shares subscription as the main investment object of financial products, set the size of new shares subscription funds, as well as the purchase price of new shares And return on the positioning of such an important reference value.