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网下配售股的解禁增加了股票的供给,对股价向下的压力,给投资者带来损失,本文通过对52家创业板公司52次解禁事件的数据研究发现:在52家解禁公司中呈负股价效应的为39家,网下申购倍数、发行市盈率、上市公司利润增长率、解禁日换手率,与解禁日超额收益率正相关,其中影响最大的是解禁日换手率,并针对这个问题进行了深入分析,提出了相应的政策建议。
The lifting of the ban under the net placement of shares increased the supply of stock, downward pressure on stock prices to investors, this article through the 52 GEM companies 52 lifting of the data found that: Negative share price effect of 39, the net purchase multiple, issue price-earnings ratio, the profit growth of listed companies, the lifting of the ban on the exchange rate and the lifting of the ban is overrelated to the excess rate of return, of which the lifting of the ban is the most impact on turnover, and for This issue has been analyzed in-depth, put forward the corresponding policy recommendations.