市场情绪、会计信息质量与IPO首日回报

朱红军 (First Author), Shimin Chen (Participant Author), 张成 (Participant Author), Zhu Hongjun, Chen Shimin, Zhang Cheng

科研成果: 期刊稿件期刊论文

摘要

文章从情绪交易产生的客观原因出发,以IPO为背景,研究了会计信息在降低新股“情绪溢价”中的作用。研究发现:(1)高质量会计信息能够显著降低市场情绪对IPO首日回报的影响,表明信息不对称是情绪交易产生进而影响股票价格的重要原因;(2)会计信息的上述作用仅在市场上涨时期和定价市场化时期显著,而在市场下跌时期和定价管制时期则不显著,表明投资者关注和发行机制市场化是会计信息有效发挥作用的前提。 Based on obiective reasons for emotional transactions, this paper investigates the role of accounting information in the decrease in emo- tional premiums of new shares under the IPO background. It arrives at the following conclusions: firstly, high-quality accounting information can sig- nificantly reduce the effect of market sentiment on IPO initial returns, show- ing that information asymmetry is an important reason for the emergence of emotional transactions and then their effects on stock prices; secondly, the role of accounting information abovementioned in a bull market or in a pri- cing marketization period is significant, but the one in a bear market or in a pricing control period is not significant, showing that investor attention and the marketization of issuance mechanism are the premise of the effective role of accounting information.
源语言简体中文
页(从-至)70-81
期刊财经研究
39
9
出版状态已出版 - 2013

关键词

  • IPO initial return
  • IPO首日回报
  • accounting information quality
  • market sentiment
  • 会计信息质量
  • 市场情绪

成果物的来源

  • PKU
  • CSSCI-C
  • CSSCI

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