我国IPO抑价与长期收益率的实证研究  

An Empirical Study of Underpricing and Long-term Performance in Chinese IPO Market

作　　者：叶若慧[1] 王成方[2] 张文慧[3] 

机构地区：[1]中国人民大学商学院,北京100872 [2]浙江财经大学会计学院,浙江杭州310018 [3]中国人民大学信息学院,北京100872

出　　处：《山西财经大学学报》2013年第12期38-45,共8页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71202028);教育部人文社科基金项目(12YJC630116)

摘　　要：运用1990～2010年间A股上市公司的数据研究了我国IPO抑价和长期收益率的影响因素,结果发现,国有股权比例、公司成长性与IPO抑价率显著正相关,发行管制、内部职工持股比例与IPO抑价率显著负相关。同时,以多种方法衡量IPO长期收益率,均发现IPO抑价率与IPO长期收益率显著负相关,公司未来现金流风险与IPO长期收益率显著正相关。This paper studies the underprieing and long-term performance of A-share initial public offerings issued in China from 1990 to 2010. We find that IPO underpricing is positively related to the ratio of state-run shareholding and corporate growth, and negatively related to distribution control and internal employee shareholding. We also find that IPO long-term performance is negatively related to underpricing, and positively related to the risk of companies＇ future cash flow.

关 键 词：IPO抑价 长期收益率 公司未来现金流风险 

分 类 号：F830.9[经济管理—金融学]