本文關(guān)鍵詞： IPO 長(zhǎng)期弱勢(shì) 可操縱性應(yīng)計(jì)利潤(rùn) 賬面市值比 功能鎖定　出處：《合肥工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：IPO股票長(zhǎng)期弱勢(shì)問(wèn)題是IPO研究領(lǐng)域的三大熱點(diǎn)問(wèn)題之一。一方面學(xué)術(shù)界對(duì)于弱勢(shì)的存在與否并未達(dá)成一致看法，而隨著股權(quán)分置改革的完成，，我國(guó)的股票市場(chǎng)發(fā)生了很大變化，前期的市場(chǎng)結(jié)論是否仍適用也值得考慮。另一方面對(duì)于導(dǎo)致這種長(zhǎng)期走勢(shì)現(xiàn)象的原因?qū)W者們給出了多種解釋，目前還未形成統(tǒng)一觀點(diǎn)。所以對(duì)我國(guó)IPO股票的長(zhǎng)期市場(chǎng)走勢(shì)以及出現(xiàn)這種現(xiàn)象的原因進(jìn)行研究具有現(xiàn)實(shí)意義。 論文在借鑒國(guó)內(nèi)外研究成果的基礎(chǔ)上，采用事件研究法，以市場(chǎng)收益率為基準(zhǔn)，以股權(quán)分置改革后的2006-2008年間A股市場(chǎng)上市的232只新股為樣本，實(shí)證研究了我國(guó)A股市場(chǎng)上新股上市后3年內(nèi)的市場(chǎng)表現(xiàn)。然后，運(yùn)用CAR和BHAR兩種模型來(lái)計(jì)算IPO股票的長(zhǎng)期超額收益率，檢驗(yàn)是否存在長(zhǎng)期弱勢(shì)以及是否存在顯著性。最后對(duì)可操縱性應(yīng)計(jì)利潤(rùn)是否能解釋這種現(xiàn)象進(jìn)行了檢驗(yàn)，并提出自己的看法。通過(guò)實(shí)證發(fā)現(xiàn)新股在發(fā)行初期就表現(xiàn)出弱勢(shì)現(xiàn)象，隨后弱勢(shì)程度逐漸加強(qiáng)，弱勢(shì)程度在一年以后略有好轉(zhuǎn)，但弱勢(shì)現(xiàn)象一直持續(xù)到第三年。可操縱性應(yīng)計(jì)利潤(rùn)并不能合理解釋這種弱勢(shì)現(xiàn)象，而賬面市值比對(duì)這一現(xiàn)象則具有很好的解釋力，投資者對(duì)IPO公司的會(huì)計(jì)業(yè)績(jī)存在功能鎖定才是導(dǎo)致這一現(xiàn)象的真正原因。
[Abstract]:The long-term weakness of IPO stock is one of the three hot issues in the field of IPO research. On the one hand, the academic community has not reached a consensus on the existence of weakness, but with the completion of the split share structure reform, great changes have taken place in the stock market in China. It is also worth considering whether early market conclusions are still applicable. On the other hand, scholars have given a variety of explanations for the reasons leading to this long-term trend. So it is of practical significance to study the long-term market trend of IPO stock in China and the reasons for this phenomenon. On the basis of the domestic and foreign research results, this paper adopts the event study method, taking the market return as the benchmark and 232 new shares listed in the A share market between 2006 and 2008 after the split share structure reform as a sample. This paper empirically studies the market performance within 3 years after the listing of new shares in China's A-share market. Then, we use CAR and BHAR models to calculate the long-term excess return rate of IPO stock. Finally, the paper tests whether the accrual profit of maneuverability can explain this phenomenon, and puts forward its own view. Then the degree of vulnerability gradually increased, and the degree of vulnerability improved slightly after a year, but the phenomenon of vulnerability continued into the third year. Accrual profits of maneuverability do not reasonably explain this phenomenon. But the book market value comparison has the very good explanation power, the investor to the IPO company's accounting performance existence function lock is the real reason which causes this phenomenon.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F830.42;F832.51

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