网下配售股的解禁增加了股票的供给,对股价向下的压力,给投资者带来损失,本文通过对52家创业板公司52次解禁事件的数据研究发现:在52家解禁公司中呈负股价效应的为39家,网下申购倍数、发行市盈率、上市公司利润增长率、解禁日换手率,与解禁日超额收益率正相关,其中影响最大的是解禁日换手率,并针对这个问题进行了深入分析,提出了相应的政策建议.“,”Placing Shares under the ban net increasein stock supply,downward pressure on stock prices,the loss to investors,Based on the 52 GEM companies ban the event data 52 found that:lifting the ban in the 52 companies had negative effects for the 39 shares,offline purchase multiples,Issue price-earnings ratio,the profit growth of listed companies,lifting the ban on handover rate,and the lifting of the ban on excess returns are related,the most influential is the lifting of the ban on turnover,and address this issue indepth analysis,the corresponding policy recommendations.