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本文抽取了中国A股市场2000‐2007年IPO企业上市三年的月收益率,发现中国股票市场的新股总体的表现为初期震荡、中期弱势、以及长期强势。就长期回归公允价值而言,A股的IPO表现出抑价和溢价双重特点。
This paper draws on the monthly returns of China’s A-share market for IPO for three years from 2000 to 2007 and finds that the overall performance of new shares in China’s stock market is initial volatility, medium-term weakness and long-term strength. For the long-term return to fair value, the A-share IPO shows the dual characteristics of underpricing and premium.