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	IPO破发对上市公司市场表现影响的实证研究; An Empirical Study on IPO Overpricing Affecting Market Performance of Listed Companies
	谢汉昌 ; 何瑞卿
	2014-05-10
关键词	IPO破发 市场表现 事件时间 日历时间 IPO overpricing market performance event time calendar time
英文摘要	本文根据上市首日表现将IPO新股区分为破发股和非破发股,分别采用不同市场收益率基准,考察了基于事件时间研究法的累计超额收益率(CAr)和买入并持有超额收益率(bHAr),以及基于日历时间研究法的月平均超常收益率(MMAr)和fAMA-frEnCH三因素模型,并利用多元线性回归模型进行实证检验。研究发现,IPO破发短期会给上市公司的市场表现带来不利影响,但中长期而言,IPO破发股的弱势程度更轻、市场表现更好。; This paper divides IPOs into the ones with IPO overpricing and the ones without IPO overpricing according to the first- day market performance,chooses different market yields as benchmark,and uses event time method to examine their cumulative abnormal return( CAR) and buy- and- hold abnormal return( BHAR),uses calendar time method to examine the monthly average abnormal returns( MMAR) and Fama- French three- factor model,and then carries out the empirical test with the multiple linear regression model.The findings indicate that in the short term IPO overpricing affects the company's market performance adversely; however in the medium and long term the companies with IPO overpricing have better market performance than the companies without IPO overpricing.; 国家自然科学基金项目;项目编号:70972110
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/103067]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	谢汉昌,何瑞卿. IPO破发对上市公司市场表现影响的实证研究, An Empirical Study on IPO Overpricing Affecting Market Performance of Listed Companies[J],2014.
APA	谢汉昌,&何瑞卿.(2014).IPO破发对上市公司市场表现影响的实证研究..
MLA	谢汉昌,et al."IPO破发对上市公司市场表现影响的实证研究".(2014).

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