首次公开募股(IPO)市场表现及破发影响--基于港市中资股的经验证据  

The Market Perfonnaiice after IPO and the Impact of IPO Break——Evidence from the Mainland Enterprises Listed in Hong Kong

作　　者：张卫国[1] 姚若凡 ZHANG Weiguo;YAO Ruofan(School of Business Administration,South China University of Technology,Guangzhou,Guangdong 510641,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510641

出　　处：《财经理论与实践》2023年第3期50-56,共7页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金-广东联合基金重点支持项目(U1901223)。

摘　　要：以在港上市中资股2013-2019年的数据为研究样本,首先,基于典型事件分析中资股在境外资本市场的整体表现;然后,采用多元回归模型实证检验破发、市场状况及投资者态度等因素对中资股市场表现的影响。研究结果表明:相较于恒生指数,港市中资股IPO上市后两年内的整体市场表现处于劣势;IPO破发不利于后期市场的表现,破发股的整体市场表现差于非破发股;投资者行为是市场表现的重要影响因素之一,投资者意见分歧会对中资股的市场表现产生正向影响;新股上市前的市场环境越好,中资股IPO上市后的市场表现会越好。Taking the data of Chinese stocks listed in Hong Kong from 2013 to 2019 as the research sample,this paper first analyzes the overall performance of Chinese stocks in overseas capital markets based on typical events.Then we use a multiple regression model to empirically investigate the impact of factors such as IPO break,market conditions?and investor attitudes on the market performance of Chinese stocks.The results show that compared with the Hang Seng Index,the overall market performance of Chinese stocks in Hong Kong is at a disadvantage within two years after listing.And IPO break-up is not conducive to the performance of the stock market in the later period,and the overall market performance of broken stocks is worse than that of non-broken stocks.Moreover,investor behavior is one o£the important factors influencing market performance,and divergence of investor opinion has a positive effect on the stock market performance.Further,the better the pre-IPO market environment,the better the post-IPO market performance.

关 键 词：境外上市 中资股 IPO破发 市场表现 

分 类 号：F832.5[经济管理—金融学]