【摘要】：本文主要研究了我國(guó)創(chuàng)業(yè)板IPO抑價(jià)現(xiàn)象和主板IPO抑價(jià)的區(qū)別,進(jìn)而分析產(chǎn)生如上區(qū)別的原因;同時(shí)研究了創(chuàng)業(yè)板上市后的短中期走勢(shì),進(jìn)而預(yù)測(cè)創(chuàng)業(yè)板日后的走勢(shì),并對(duì)不同身份投資者做出一點(diǎn)投資方面的建議。本文研究創(chuàng)業(yè)板和主板IPO抑價(jià)現(xiàn)象時(shí),尋找了一些共有的財(cái)務(wù)指標(biāo),并假設(shè)創(chuàng)業(yè)板和主板的財(cái)務(wù)指標(biāo)不同,造成了他們的IPO抑價(jià)率不同。通過(guò)尋找數(shù)據(jù)計(jì)算相關(guān)性,來(lái)確認(rèn)自己的假設(shè)。得出結(jié)論:認(rèn)購(gòu)中簽率,首日換手率是創(chuàng)業(yè)板和主板IPO抑價(jià)率不同的主要原因。本文研究創(chuàng)業(yè)板IPO短中期價(jià)格走勢(shì)過(guò)程中,使用相對(duì)收益率指標(biāo),以創(chuàng)業(yè)板首批上市的28只股票100個(gè)有效交易日的數(shù)據(jù)為樣本,建立新股投資組合的相對(duì)收益率來(lái)考察股票價(jià)格的短中期變動(dòng)趨勢(shì)。得出結(jié)論:創(chuàng)業(yè)板股票IPO短期價(jià)格走勢(shì)表現(xiàn)為不明顯弱勢(shì),中期價(jià)格走勢(shì)表現(xiàn)為非常強(qiáng)勢(shì)。在之后,分析了2013年的創(chuàng)業(yè)板牛市,并給出非數(shù)據(jù)方面的創(chuàng)業(yè)板中期強(qiáng)勢(shì)的原因。最后,本文基于上述兩種結(jié)論,在中國(guó)特色的創(chuàng)業(yè)板從IPO到上市最終交易過(guò)程中,對(duì)不同身份投資者做出了一點(diǎn)行為的參考建議。
[Abstract]:This paper mainly studies the difference between the IPO underpricing phenomenon in gem and the IPO underpricing in the main board, and then analyzes the reasons for the difference. At the same time, it studies the short and medium term trend after gem listing, then predicts the future trend of gem, and makes some investment suggestions for investors with different identities. This paper studies the phenomenon of IPO underpricing in gem and mainboard, and finds some common financial indexes. It is assumed that the different financial indexes of gem and mainboard lead to different underpricing rates of IPO. By looking for data to calculate the correlation, to confirm their hypothesis. The conclusion is that the success rate and the first day turnover rate are the main reasons for the difference of IPO underpricing rate between the gem and the main board. In this paper, we study the short and medium term price trend of gem IPO, using the relative rate of return index, taking the data of 100 valid trading days for the first 28 stocks listed on the gem as a sample. To investigate the short-medium-term trend of stock price change by establishing the relative return rate of new stock portfolio. The conclusion is that the short term price trend of gem IPO is not obvious weak, and the medium term price trend is very strong. After that, the paper analyzes the gem bull market in 2013, and gives the reasons for the medium-term strength of gem in non-data aspect. Finally, based on the above two conclusions, this paper makes some suggestions on the behavior of investors with different identities in the process of the gem with Chinese characteristics from IPO to the final trading.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51
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本文編號(hào)：2405327