| IPO and the expiration of IPO share lockups directly affect the returns of investors in China's stock market,the orderly operation of listed companies and the steady development of financial markets.Through empirical analysis,this paper conducts a full-sample and sub-sample group comparison study on the impact of the expiration of IPO share lockups of listed companies on the stock price,and verifies the factors that may affect the stock price,and explores the ideas for solving related problems.This paper adopts the event research method and selects the listed companies whose IPO lockup shares have been expired in China's A-share market from January 1,2016 to December 31,2017 as a sample,using the market model to accumulate abnormalities in the window period.The rate of return is estimated,and the sub-samples with different characteristics are compared and analyzed.According to the factors affecting the stock price during the event period,the cross-sectional regression model is constructed and regression analysis is carried out.Based on the above research,the paper draws the following conclusions: The expiration of IPO share lockups has a significant negative effect on the stock price of listed companies.When the IPO lockup shares are expired,the cumulative abnormal return of listed companies in Shanghai Stock Exchange is lower than that of listed companies in Shenzhen Stock Exchange;the cumulative abnormal return of large companies is higher than that of small companies;the cumulative abnormal return of state-controlled listed companies is higher than that of non-state-owned companies.Holding a listed company.According to the cross-sectional regression,the scale of lifting the ban of listed companies is inversely proportional to the cumulative abnormal return during the event period;asset size,equity concentration and operating capacity are directly proportional to cumulative abnormal returns. |
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