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新股发行与股指走势之间存在必然联系吗?本文采用定量分析方法,分别从微观和宏观两个层面,实证检验了中国A股市场IPO规模和节奏与股指走势的关系,发现二者并不存在必然联系,但是中国A股市场确实存在严重的“炒新”现象,并且“炒新”、“高市盈率”和“高溢价率”对股指走势产生显著负面影响;监管部门采取行政手段对新股发行节奏进行了控制;大盘股只在上市当天对股指产生显著负面影响,中期并不存在显著影响。
There is a necessary relationship between the IPO and the trend of the stock index? In this paper, we use the quantitative analysis method to test the relationship between the IPO size and the rhythm of the IPO in China’s A-share market from the micro and macro levels respectively and find that the two do not exist However, there is indeed a serious “speculation” phenomenon in China’s A-share market, and the “speculative new”, “high PE” and “high premium” have a significant negative impact on the stock index. Regulators took administrative measures to control the pace of new shares issue; large-cap stocks only on the day of the listing had a significant negative impact on the stock index, there is no significant impact in the medium term.