市场情绪、投资者关注与IPO破发  

Market Sentiment,Investor Attention and IPO Break

作　　者：张维[1] 翟晓鹏[1] 邹高峰[1] 熊熊[1] 

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《管理评论》2015年第6期160-167 185,185,共9页Management Review

基　　金：国家自然科学基金重点项目(71131007);国家自然科学基金项目(71471130;71001077);教育部博士点基金项目(20110032110031)

摘　　要：运用我国主板市场和中小板市场2010年到2012年的股票数据,从市场情绪和投资者关注的角度出发,考虑互联网信息的影响,构建相应的代理变量,研究市场情绪与投资者关注对IPO破发的影响。在研究中,进一步将市场情绪分为市场氛围、机构投资者情绪和个体投资者情绪,将投资者关注分为机构投资者关注和个体投资者关注,并研究了这些因素对破发IPO、非破发IPO及不同规模IPO收益的影响。研究发现,市场情绪和投资者关注是IPO破发的主要影响因素,IPO定价的高低及发行数量等对IPO破发无影响,对于不同规模的IPO首日收益,市场情绪和投资者关注的影响程度和方式不同。研究结论能够为投资者投资和企业选择上市时机提供决策依据。By using 2010 to 2012 stock data from China's main board market and small and medium-sized board market,from the view of market sentiment and investors attention,and also considering the influence of the internet information,this paper constructs the proxy variables of market sentiment and investor attention to study their influences on the break IPO. In the study,we further divide the market sentiment into market atmosphere,institutional investor sentiment and individual investor sentiment,and also divide the investor attention into institutional investor attention and individual investor attention,then analyze their influences on the return of break IPO,nonbreak IPO,and different scale IPO. The findings suggest that market sentiment and investor attention are the main influencing factors,the level of IPO pricing and number of issue have no effect on the break IPO,the effects of market sentiment and investor attention on the different scale IPO are different in degree and manner. The conclusion can provide advices for investors to invest and enterprises to choose the timing of going public.

关 键 词：市场情绪 投资者关注 IPO破发 百度指数 

分 类 号：F832.51[经济管理—金融学] F275