| IPO长期价格收益及其影响因素：
账面市值比效应、可持续增长与投资者情绪 |
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| 引用本文： | 孙自愿.IPO长期价格收益及其影响因素：
账面市值比效应、可持续增长与投资者情绪[J].北京工商大学学报(社会科学版),2012,27(1):109-115. |
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| 作者姓名： | 孙自愿 |
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| 作者单位： | 1. 中国矿业大学管理学院,江苏徐州,221116
2. 中国矿业大学管理学院,北京,100083 |
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| 基金项目： | 2011年教育部人文社会科学规划基金，2010年国家大学生创新性实验计划项目，江苏省高校哲学社会科学基金 |
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| 摘 要： | 采用事件研究法,运用大样本数据考察论证我国存在着与国外市场相似的新股长期弱势问题,并进一步分析发现IPO长期价格表现不受规模效应影响,但存在账面市值比效应,可持续增长率是影响长期价格收益的主要因素,投资者过度乐观情绪及市场特征也对长期弱势存在不同程度影响。
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| 关 键 词： | 首次公开发行(IPO) 长期价格弱势 可持续增长 投资者情绪 |
A Study on IPO Long-term Price Earning and Influencing Factors:
Book to Market Effect, Sustainable Growth and Investor Sentiment |
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| Sun Zi-yuan
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Chen Wei-na
,
Xu Shan.A Study on IPO Long-term Price Earning and Influencing Factors:
Book to Market Effect, Sustainable Growth and Investor Sentiment[J].Journal of Beijing Technology and Business University:Social Science,2012,27(1):109-115. |
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| Authors: | Sun Zi-yuan Chen Wei-na Xu Shan |
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| Institution: | 1 (1.School of Management,China University of Mining and Technology,Xuzhou Jiangsu 221116,China; 2.School of Management,China University of Mining & Technology,Beijing 100083,China) |
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| Abstract: | With the use of event study,based on a big sample survey,this paper argues that China’s IPO has a long-term underperformance similar to foreign markets.The further analysis indicates that IPO’s long-term price performance is not prone to scale effect,but there is Book/Market ratio(BM ratio) effect.The sustainable growth rate is the main factor to influence the long-term price earning.The investors’ overoptimistic sentiment and the market feature also affect the underperformance in varying degrees. |
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| Keywords: | Initial Public Offerings(IPO) long-term underperformance sustainable growth investor’s sentiment |
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