|其他題名: ||Influence and comparisons between company's IPOs in Hong Kong H-Shares market and in China A-Shares market|
|作者: ||許靜枝;Hsu, Ching-chih|
林允永;Lin, Yun-yung;李進生;Lee, Chin-shen
|關鍵詞: ||事件研究法;Incident Study|
|上傳時間: ||2010-01-11 01:08:10 (UTC+8)|
This study investigate the Chinese industry in the A-share and Hong Kong H-share listed companies of two places, which one have the advantage after stock price rate of returns analysis during the market honeymoon, short-term, and long-term. The study was from April 1, 1999 until June 30, 2008 with industry that had listed on Hong Kong H-share and been also already listed in the Chinese A-share was the research object.
Use the Incident Study, it relatively has the advantage that what look over H-shares or the A-share stock price remuneration, and offers fund-raiser and investor to do it for the investment reference. The result is as follows:
First, according to our company IPO analysis for short, middle, and long-term stock price rate of returns, the result of study finds, the short-term remuneration A-share has advantages, but the long-term remuneration H-share has advantage that remuneration grows up steadily.
Second, industries comparison: after analyze with the rate of increase of the long-term remuneration, the result shows, Hong Kong investors relatively have a partiality for the banking insurance of stock. China investors relatively have a partiality for the transportation of stock.
Third, the sample hosts distributors are famous securities company. The reputations of famous securities company and investors’ trust have correlation with each other.
Fourth, the sample like main index composition stock, representing its trading volume and stock price and market index becomes positive correlation, so the composition stock is often investor''s first-selected target.
Fifth, the sample is listed on A-share is mostly after the 2005.August. RMB began to appreciate to the exchange rate of U.S. dollar at that time, external investors channeled into the fund successively, and domestic idle fund was plentiful. China security market began to have good market period. During the research, the positive remuneration of the stock price is obvious.
Sixth, during SARS epidemic situation, the annual rate of returns shows the negative number, the rate of returns replies the normal level while striding.This result shows, when the special incident happens, the stock price certainly will be influenced, but the incident will go over eventually. A short-term will exert an influence to remuneration; however, it can come back normal remuneration in a long-term.