An Empirical Study On The GEM IPO Restricted Shares To Lift The Market Response

As Chinese policy of accelerating the speed of IPO is raised,the lifting of IPO sales of restricted shares as a sensitive issue in China's capital market has attracted more and more attention from investors.However,due to the establishment of Chinese GEM,Chinese IPO limit for the GEM has not been established.There is still relatively little research on the market response to the lifting of the sale of shares.This paper adopts the event research method to investigate the lifting of the IPO restricted shares on the GEM board as the research object,taking 540 samples from January 2015 to December 2016 as the interval to study the time window of the GEM IPO restricted shares lifted.Market response,and taking into account the differences in the market response of IPO restricted shares under different market conditions,using correlation analysis and multiple regression analysis methods to empirically analyze the cumulative excess return rate and its influencing factors of the IPO restricted shares lifting.Draw the following conclusions:(1)In terms of market reactions,there was a significant negative excess return rate from the five days before the lifting of the ban to the day of lifting the ban,and the excess return rate gradually increased after the ban date,but it remained negative for six days after the ban was lifted.The negative abnormal return caused by the lifting of the ban on the IPO of the GEB IPO may take a long time.(2)The market reaction of the IPO restricted sales of the GEB market is very different under different market conditions.The bull market,the bear market and the market under the shock market have different responses to the lifting of the IPO sales restriction.Bull market The lifting of the IPO restricted shares has a negative impact on the company's stock price.Relatively speaking,the shock effect of the lifting of the IPO restricted shares under the shock market is stronger than that of the bull market,while the negative impact of the lifting of the IPO restricted shares under the bear market is strong.In shock city.(3)In the analysis of the factors affecting the market reaction,this article selects and analyzes seven factors,namely the proportion of the total shares that have been banned,the company's equity structure,return on net assets,price-earnings ratio,asset-liability ratio,company size,and market value for lifting bans.This paper finds that the lifting of the ban,the return on net assets,the size of company assets and thecumulative excess return on the lifting of the ban are significantly positively correlated,and the company's equity structure,the market value of the lifting of the ban is significantly negatively correlated with the cumulative excess return on lifting the ban,and it is a significant difference between the price-earnings ratio and the debt-to-equity ratio.The cumulative excess return rate when the factor was lifted when it was moderate was best.Then a further multiple regression analysis of various factors affecting the market response found that whether the market is in a bull market,a bear market or a shock market,the company's asset size is always an important factor affecting the cumulative excess return,and this impact relationship is positively related.The major innovations of this paper include:(1)The current domestic study on the lifting of the IPO restricted stock sale on the GEB is extremely scarce.The study of this paper is helpful to supplement the deficiencies in this field and can provide reference and reference for relevant research;(2)Creativity The research market environment is in the bull market stage,the bear market stage,and the market reaction and its influencing factors for the lifting of the IPO restricted sales of the GEM board under the pan-March stage.