An Empirical Analysis Of The Effect Of IPO Industrial Sectors In A Share Market Of China

On December19,1990, the Shanghai stock exchange was established. On July3,1991, the Shenzhen stock exchange was established. The two exchange establishment marked the formation of China securities market. And Chinese stock market from its opening date, has been suspended for8times IPO. On June7,2013,《China Commission on further promoting reform of the system of new shares issued opinion (Draft)》 was announced, IPO restart again by people of hot debate. Finally on December30,2013, the Commission issued the Department, Ministry of the gem to5in the enterprise granted approval to issue,then, on December31,2013, China stock IPO formally restart. Restart IPO is good or bad, the market Public opinions are divergent. On one hand, the market on controversial resumption of the IPO, IPO on the stock market is likely to have a negative impact, on the other hand, IPO restart has its inevitability. In this context, research on the influence of IPO on Chinese stock market is significant, and this paper mainly studies the effect of IPO industrial sectors.This study has practical guiding significance to the actual investment, can help investors face the IPO event on the market, make a reasonable judgment according to the characteristics and market, IPO industry status, better adjustment of the investment portfolio, asset group to reduce the future is likely to weaken in order to avoid risks, the holdings of the future is likely to go strong portfolio in order to raise revenue. For listed companies, can take to determine which company IPO may have an impact on the stock price, to take early measures, in order to avoid IPO enterprises have an adverse effect on their own.Innovation and the main contribution of this paper:at present, the empirical research on the plate effect in China stock market IPO industry in the domestic literatures is not rich, the only document, data is relatively old, new data from the2006June to2013December, according to research, with timeliness. In terms of research methods, previous research on sample IPO company screening this point, do not fine. But this classification according to the SFC industry standard,the classification of samples at least IPO company in the two industry standard,the most important is, this article has carried on the careful selection of sample IPO, the number of companies on the listing Corporation’s industry too little, more affected by the policy, the industry cycle division standard is obvious the,relatively broad industry are eliminated, the listed before the last a period of time,because of the policy effects or other major bad or good news IPO sample industry are eliminated, the event study method, in the window period of events "purity", makes the calculation of cumulative excess yields more accurate judgment, more on China’s Shanghai and Shenzhen A stock market IPO industry plate effect of persuasion.