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An Empirical Study of A-share IPOs long-term performance and its influencing factors

Author: LuXueJing
Tutor: YaoZuo
School: Zhejiang University
Course: Business management
Keywords: IPOs stock Long-term weakness CAR BHAR
CLC: F832.5
Type: Master's thesis
Year: 2006
Downloads: 423
Quote: 5
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Abstract


Initial public offerings (IPOs) stock long-term weakness is one of the areas of the three hot issues in IPO research to study the long-term performance of IPOs has important significance to improve the efficiency of China 's IPO market and perfect the theory of emerging stock markets IPO . In this paper, in 2000 - the end of June 2002 initial public offering and listing on the Shanghai Stock Exchange 166 A-share as samples to study the performance of the market in the three years after listing . First, using a variety of models to calculate the long-term excess returns of IPOs , and empirical analysis of the statistical test whether there is a significant long-term disadvantaged influencing factors , and finally the long - term performance of IPOs stock to find out the main reason for the presence of long-term weakness . Computational and statistical parametric test , found that long-term weakness of IPOs significantly , its long-term performance was significantly lower than the market and the size of listed companies , the market performance of IPOs listed different calculation methods , in the -32 % to - 20.8% , indicating that the stock of China 's IPOs are not suitable for long-term holding , the IPO market efficiency , lower cost of equity financing of the Company . Regression analysis , the study results show that : the enterprises themselves factor is the main reason for the existence of long-term weakness of China 's IPOs , including the proportion of tradable shares , age , industry , historical results of operations and profitability declined after the listing of IPOs long-term existence of vulnerable significantly impact after the listing of the decline in profitability is the root cause of the long-term disadvantaged ; another issue size , market sentiment index of the issue date , the excessive optimism of investors during the IPO , underwriter reputation were also long-term weakness IPOs there are varying degrees of impact ; final the summary of the findings and make policy recommendations on how to improve the efficiency of the IPO market : One is to raise the quality of listed companies ; improving the IPO system ; perfect the IPO market information disclosure mechanism ; regulate the development of intermediary institutions ; five accelerate the development of institutional investors .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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