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本文结合IPO首日超额收益的相关理论,以自我国创业板市场开板以来至2011年4月15日之前的203家上市公司为样本,对我国创业板市场的IPO总体首日超额收益率情况、分批上市的超额收益情况以及分行业超额收益水平进行了统计描述,并且运用多元线性回归的方法对创业板市场IPO超额收益影响因素进行初步探讨。研究表明:我国创业板市场确实存在IPO首日超额收益率现象,随着创业板市场的成熟IPO首日超额收率有下降趋势,新兴行业的IPO超额收益率较传统行业要高一些;发行价、中签率、是否有风险投资机构投资、首日换手率是影响IPO首日超额收益的重要因素。
Based on the theory of IPO excess returns on the first day of this paper, taking the 203 listed companies since the opening of the GEM in China to April 15, 2011 as samples, the IPO excess return on the first day of IPO of China’s GEM , Excess returns listed in batches and the level of excess returns of sub-sectors were described. The influencing factors of IPO excess returns of GEM were also discussed with the method of multiple linear regression. The research shows that there is indeed the phenomenon of excess return on the first day of IPOs in China’s GEM. As the over-yield of IPOs in the GEM on the first day declines, the IPO excess returns of emerging industries are higher than those in the traditional industries. The issue price , Success rate, whether there is investment in venture capital institutions, the first day of the turnover rate is an important factor affecting IPO excess returns.