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IPO抑价和长期弱势表现一直以来都颇具争议,关于其原因的探讨也由于发行体制、样本选择以及模型构建等因素的不同而无法得出统一的意见。本文从一个全新的角度出发,采用我国2006~2010年A股市场的IPOs数据,探讨了热发行对IPOs初期正向超额投资绩效和长期投资绩效不佳的影响。结果表明:热发行有助于IPO公司的上市初期的绩效表现,却对长期绩效表现无益。同时本文建议投资者应关注公司基本面因素,而不应短视近利,受到IPO公司技术性操弄的影响。
IPO underpricing and long-term underperformance has always been controversial, and the discussion of its reasons is also unable to draw a unified opinion due to the differences in the issuance system, sample selection and model construction. From a new perspective, this paper uses the IPOs data of A-share market in China from 2006 to 2010 to discuss the impact of hot issuance on the performance of initial over-investment and over-investment in IPOs. The result shows that the hot issuance helps the performance of initial public offering of IPOs, but does not help long-term performance. At the same time, this article suggests that investors should pay attention to the fundamentals of the company, but should not be short-sighted and short-term, subject to the technical manipulation of IPO companies.