新股投资价值分析

Abstract

本文考察了沪深两市1997年新上市201只股票上市后的短、中、长期走势，并在此实证研究的基础上分析了新股的投资价值。同时，讨论了中国股票市场对新上市股票定位的市场有效性

In this article,we investigate the short run and long run performance of the initial public offerings using data compiled for 201 unseasoned new issues of common stock brought to Shanghai or Shenzhen Security Exchange in 1997.We empirically analyze the value of investment in new issues.Our study is based on the theory of stockmarket efficiency.