Journal of Financial & Quantitative Analysis. Volume 55, Issue 3 June 2018

IPO是否会影响股票市场价格——来自中国的证据

作者：Song Shi (Fudan University School of Economics)

Qian Sun (Fudan University School of Management)

Xin Zhang（Fudan University School of Management）

摘要：我们检验了较大规模的首次公开开行是否会对整个市场产生影响。利用中国IPO数据作为样本，我们发现充分的证据表明大规模的IPO不仅在上市当天而且在提交上市申请当天对股票市场价格产生消极影响。上市日这种对市场的影响与IPO的规模负相关。然而，这种影响却是相当短暂的。中国证监会通常会通过暂停IPO的方式来支撑股市的发展，但是由于IPO效应是短暂的，这种政策看起来是无效的，所以暂停IPO也不被看成是利好消息。

Do IPOs Affect Market Price? Evidence from China

Song Shi (Fudan University School of Economics)

Qian Sun (Fudan University School of Management)

Xin Zhang（Fudan University School of Management）

ABSTRACT

We examine whether sizable initial public offerings (IPOs) affect the whole market. Using a Chinese IPO sample, we find robust evidence that sizable IPOs depress the market price on not only the listing day but also the offering (subscription) day. The impact on the market is negatively correlated with IPO size on the listing day. However, this impact is largely transitory. The China Securities Regulatory Commission (CSRC) often places a moratorium on IPOs to support the market, which seems ineffective as the negative IPO effect is transitory and moratoriums are not perceived as good news.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/do-ipos-affect-market-price-evidence-from-china/99766471B38DB03AB7B920E3257992AB

翻译：汪国颂