| From1990to2013, China’s capital market has experienced more man twenty years of development. From small to large, The growing prosperity of China’s capital market has played a huge role in the development of our economy. Recalling the history of China’s capital market, it Can be divided into three stages:The first stage(1978-1991), China’s capital market bud and Exploration stage. The second stage (1992-1999), Formation of national capital markets and Initial development. The third stage(2000-2013),our capital market Normatively blossom.though achieved many results,we never stop the pace of development.In December2013, China’s capital market new changes took place in the system design:Our listing regime becomes the Registered System (Securities issued by the applicant in accordance with law and to all the information and data relating to securities issued by public, made legal documents, Submitted to the competent agency review, Only if the competent authority responsible for examining the issue of the applicant to provide information and data to fulfill the obligations of a system of infonnation disclosure), hi the process of capital market system of continuous development and improvement, China’s capital market structure is also constantly improving, From the beginning the only board in Shenzhen and Shanghai stock motherboard,2004introduced Small and medium-sized board market,2009launched the Growth Enterprise Market,2013introduced a new three-panel market, our market has gradually established a multi-level capital market system to meet the needs of different categories of corporate finance development. The development process of China’s capital markets in1990to2013has many problems. Among them, Performance of listed companies fell attracted wide attention of scholars,and Performance of listed companies fell phenomenon named "IPO effect". This effect not only harm the interests of investors, but also affect the healthy and stable development of China’s capital markets.This paper studies the following four questions: 1.The existence of all listed companies IPO effect,including Shanghai stock motherboard, Shenzhen board, Small and medium-sized board market and GEM;2. Comparative effects of various sections of the existence of differences in IPO;3. whether Yield difference the stock between sections that have different IPO effect;4. Analysis IPO effect exist for some reason.This paper mainly analyzed using descriptive statistics, non-parametric tests and multiple regression method etc..And the paper is divided into seven sections.The first part of is the preface of my essay, this section describes the background of my study, the central problem, data and methods,theinnovation and some lack of my essay.The second part is the literature review, this section provides an overview of research by scholars in the past, mainly divided into foreign and domestic research studies. Foreign research divided into the review of U.S. market research and the review of other countries’market research, the domestic market is divided into the motherboard market research (Shanghai Stock Exchange and Shenzhen Stock Exchange), the GEM market research and medium-sized board market research.The third part is the theoretical basis of my essay, this section describes the main theoretical explanation IPO effects:the theory of earnings management, choose the listing theory, structure theory and pseudo equity market timing theory.The fourth part is the methods and data, mainly on the part of the paper selected research methods and data selection. This paper chose the Wilcoxon signed rank test with paired samples and the KS test. In the data selection will affect mainly the exclusion of some of the samples analyzed in this article.The fifth part is the empirical analysis, which is the core of this essay. This part analyzes the effects of China’s listed companies IPO. This section is divided into five Summary:IPO short-term effects of listed companies, the long-term effects of a listed company IPO, IPO plate against short-term effect analysis, comparison between the plates IPO effect of long-term analysis of the effect of the investment guidelines and empirical analysis.The sixth part is the analysis of empirical exclusion.The seventh part is the conclusions and policy recommendations. Through this study, reached the following four conclusions:1. companies that issued in Shanghai and shenzhen Main Board in1996do not have short-term IPO effect,others have, companies that issued in Shanghai and shenzhen Main Board in1997and1998have long-term IPO effect,others don’t have;2. companies that issued in Shanghai and shenzhen Main Board in1998and2000have different short-term PO effect in One year after listing;There was no significant difference in the short-termPO effects of the Shanghai motherboard and Small and medium-sized board market; There was no significant difference in the short-term PO effects of the Shanghai board and GEM; companies that issued in medium-sized board market and GEM in2010have different short-term PO effect in One year after listing and two year after listing,but companies that issued in medium-sized board market and GEM in2009and2011have no different short-term PO effect; companies that issued in Shanghai and shenzhen Main Board in1997and1998have no different long-term IPO effect.3. Performance of medium-sized board market’listed companies in2010is better than GEM’s listed companies in the same year.Companies that have long-term PO effect was no difference in market average performance.4. Proportion of the largest shareholder have a certain interpretation of the intensity for medium-sized board market’s listed companies in2010.This paper has the following characteristics.1. In addition to studying the effect of this article PO listed companies, but also on the differences between the different sections of PO effects were compared;2. This study data on the scope and range of data has improved so much;... |
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