作　　者： ;

机构地区： 中山大学管理学院

出　　处： 《华南金融研究》 2004年第3期43-46,共4页

摘　　要： 以1994年到1999年深、沪两市的新上市A股为样本,采用单(配对)样本t-检验、非参数的wilcoxon配对符秩检验等研究方法,研究了新上市公司股价的异常报酬和财务绩效的关系。研究结果表明新上市公司的股价有短期正异常报酬,而且上市后当年财务经营绩效比上市前要差,上市后第二年财务经营绩效更差。 This paper mainly researches the abnormal returns and the performance of IPOs in China Stock Market. The sample is all A - share in Shanghai and Shenzhen stock exchange markets from 1994 to 1999. The t - test and nonparametric wilcoxon signed rank test are the research methods being used. The conclusion draws our attention that the stock prices of IPOs have the positive short - run abnormal returns, and the performance of IPOs in the following year is worse than the years before IPOs, the performance of IPOs in the next following year is even more worse.

关 键 词： 股票异常报酬 经营绩效 证券市场 上市公司 实证分析 中国

领　　域： [经济管理]