新股短期估值对长期收益率的影响  

The Impact of Short-term Valuation of New Stocks on Long-term Yield

作　　者：周仕盈 杨朝军[1] 

机构地区：[1]上海交通大学安泰经济与管理学院

出　　处：《经济与管理研究》2017年第12期48-54,共7页Research on Economics and Management

基　　金：国家社会科学基金重大项目"产业升级背景下优化发展中国多层次资本市场体系问题研究"(14ZDA046)

摘　　要：中国股市整体长期处于估值较高水平,而"炒新"使得新股的短期估值更是远高于市场平均水平。本文从估值回归的角度考察新股"炒新"后短期估值水平对新股长期收益率的影响。结论表明,行政性的IPO暂停使得新股资源供不应求,从而新股"炒新"后短期估值水平较高。而新股短期估值越高,其长期超额收益率水平越低。因此"炒新"后新股存在着一定的估值回归现象。China's stock market valuation is at a high level for a long time,and the "fried new"makes new stock valuation afterwards even higher than the market average. This paper aims to study the impact of short-term valuation of new stocks after the "fried new "on the long-term yield from the perspective of valuation return.Conclusions show that administrative IPO suspension is one of the reasons of high valuation in the short term,and the higher the valuation,the lower the long-term yield,thus there is valuation return after the "fried new".

关 键 词：“炒新” IPO抑价 长期收益率 估值 

分 类 号：F830.2[经济管理—金融学]