本文關(guān)鍵詞： IPOs 熱發(fā)行 初期投資績(jī)效 長(zhǎng)期投資績(jī)效　出處：《南京大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：本文將2006年1月1日至2009年12月31日在上海證券交易所主板及深圳證券交易所主板和中小企業(yè)板首次公開上市的332家公司作為研究樣本,從熱發(fā)行的觀點(diǎn)出發(fā),探討了IPOs初期正向超額投資績(jī)效、長(zhǎng)期投資績(jī)效不佳與熱發(fā)行的關(guān)系。 文章首先根據(jù)熱發(fā)行的不同描述指標(biāo),即群聚上市或二級(jí)市場(chǎng)投資氣氛,分別對(duì)樣本期內(nèi)的IPOs進(jìn)行分組,接著分別考察熱發(fā)行組IPOs與非熱發(fā)行組IPOs的初期投資績(jī)效及長(zhǎng)期投資績(jī)效表現(xiàn)。 本文以IPOs上市首日至第5個(gè)交易日的累積回報(bào)率減去同期滬深300指數(shù)累積回報(bào)率來定義IPOs初期投資績(jī)效,以IPOs上市首日至2年末的累積回報(bào)率減去同期滬深300指數(shù)累積回報(bào)率來定義IPOs長(zhǎng)期投資績(jī)效。 在計(jì)算出各組別IPOs的初期投資績(jī)效與長(zhǎng)期投資績(jī)效之后,本文還利用t檢驗(yàn),考察了各組別內(nèi)及各組別間IPOs初期投資績(jī)效、長(zhǎng)期投資績(jī)效是否有顯著差異。
[Abstract]:From January 1st 2006 to December 31st 2009, 332 companies listed on the main board of the Shanghai Stock Exchange, the main Board of the Shenzhen Stock Exchange and the small and Medium-sized Enterprises Board were selected as the research samples. From the point of view of hot issue, this paper discusses the relationship between the early positive overinvestment performance of IPOs and the bad long-term investment performance. Firstly, according to the different description index of hot issue, that is, cluster listing or secondary market investment atmosphere, the IPOs in the sample period is grouped separately. Then the initial investment performance and long-term investment performance of hot issue group IPOs and non-hot issue group IPOs were investigated respectively. This paper defines the initial investment performance of IPOs based on the cumulative return from the first day to the fifth trading day of IPOs, minus the cumulative return of the CSI 300 index in the same period. The long-term investment performance of IPOs is defined by the cumulative return from the first day to the end of two years, minus the cumulative return of the CSI 300 index over the same period. After calculating the initial investment performance and long-term investment performance of IPOs in each group, this paper also uses t-test to investigate the initial investment performance of IPOs within and among groups. Whether there is a significant difference in long-term investment performance.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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