IPO破发、投资者情绪与市场反应——基于中国A股市场的经验研究

发布时间：2018-03-02 23:37

本文选题：IPO破发　切入点：行为金融　出处：《商业研究》2017年10期 　论文类型：期刊论文

【摘要】：我国资本市场频现的IPO破发现象使投资者情绪与投资策略成为行为金融理论关注的对象。本文选择沪深两市2010-2012年654家A股上市公司为样本,分析上市前后股东户数变化和机构投资者持股比例变化,考察投资者对IPO破发的反应。研究发现,IPO破发中小投资者因代表性偏差、损失厌恶与后悔厌恶而产生过度反应,而机构投资者因信息优势和技术经验优势而过度自信以至于产生过度反应;由于投资者过度反应,退出股东的势力压倒进入股东的势力,造成破发股在市场上面临着在股东户数减少和机构投资者持股比例降低情形下新一轮股东的大洗牌。
[Abstract]:IPO breaks the frequent phenomenon of China's capital market that investor sentiment and investment strategy of behavioral finance theory became the object of attention. This paper selected the Shanghai and Shenzhen two city 2010-2012 years 654 A shares of listed companies as samples, analysis before and after the listing of the number of shareholders and institutional investors shareholding changes, review the investor response to the IPO break. The study found that IPO breaks the small investors because of representative bias, loss aversion and regret aversion and excessive reaction, while institutional investors because of information advantages and technology advantages and experience of overconfidence that generated the overreaction; due to investors' overreaction, exit of shareholders shareholders into the overwhelming forces, resulting in break stocks on the market faces a reduction in shareholders the number of households and the proportion of institutional investors holding a new round of reshuffle of shareholders under the circumstances.

【作者单位】：福建商学院会计系;
【基金】：国家自然科学基金项目,项目编号:G0206-71502150 教育部人文社科研究项目青年基金项目,项目编号:14YJC630224 福建省中青年教师教育科研项目,项目编号:JAS14416
【分类号】：B842.6;F832.51

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