创业板IPO抑价及后市走势分析
发布时间：2019-01-09 07:44
【摘要】：本文主要研究了我国创业板IPO抑价现象和主板IPO抑价的区别,进而分析产生如上区别的原因;同时研究了创业板上市后的短中期走势,进而预测创业板日后的走势,并对不同身份投资者做出一点投资方面的建议。本文研究创业板和主板IPO抑价现象时,寻找了一些共有的财务指标,并假设创业板和主板的财务指标不同,造成了他们的IPO抑价率不同。通过寻找数据计算相关性,来确认自己的假设。得出结论:认购中签率,首日换手率是创业板和主板IPO抑价率不同的主要原因。本文研究创业板IPO短中期价格走势过程中,使用相对收益率指标,以创业板首批上市的28只股票100个有效交易日的数据为样本,建立新股投资组合的相对收益率来考察股票价格的短中期变动趋势。得出结论:创业板股票IPO短期价格走势表现为不明显弱势,中期价格走势表现为非常强势。在之后,分析了2013年的创业板牛市,并给出非数据方面的创业板中期强势的原因。最后,本文基于上述两种结论,在中国特色的创业板从IPO到上市最终交易过程中,对不同身份投资者做出了一点行为的参考建议。
[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.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
，
本文编号：2405327
[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.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51
，
本文编号：2405327
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