IPO理性投资策略行为研究——基于机构投资者信息优势的实证分析
Behavior of Rational IPO Investment Strategy:An Empirical Analysis Based on Information Superiority of Institutional Investors
作者：王军;唐英凯;
Author：
收稿日期： 年卷（期）页码：2011,(06):-90-98
期刊名称：四川大学学报(哲学社会科学版)
Journal Name：Journal of Sichuan University (Social Science Edition）
关键字：IPO质量;机构执有比例;公司基本面
Key words：
基金项目：国家自然科学基金“投资者保护与控制权转移:基于法与金融学的实证分析”(71072066);;
中央高校基本科研业务费“基于成长性的中国创业板上市条件研究”资助
中文摘要
个人投资者在IPO投资中存在大量非理性行为。基于机构投资者对IPO质量识别更具优势这一假设,研究了影响IPO公司质量的重要因素。研究发现,对非国有企业,业绩增长和首发金额对机构执有比例有正影响,而公司年龄与销售收入这类代表公司成长的变量与机构执有比例成反比,显示机构有意回避那些"过成熟"的企业。而机构对国有企业的评价标准与对非国有企业有明显的区别。进一步对可能影响IPO长期回报的公司基本面因素进行分析发现,执有高质量公司的组合平均意义上都能获得更高回报。结果表明,个人投资者可以通过模仿机构投资者的择股方式进行IPO投资。
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