As the result shows that there is no distinct tendency in IPO initial return movement in China, the hypothesis of market feedback gets supported.
结果显示我国IPO初始报酬率没有表现出明显的变化趋势，但对IPO公司非系统性风险具有揭示作用，或者说市场反馈假说在我国是成立的。
The initial return earned by uninformed investors was affected not only by publicly known pre-IPO market return but also by the turnover rate of stock transactions in the first day of trading.
无信息投资者获得的初始收益不仅受到发行前就已知的市场收益的影响，而且受到二级市场换手率的影响。
With the universal IPO underpricing in the world, and accompanying with the improved market maturity, the initial return tends to be reducing.
IPO抑价是世界范围内普遍存在的现象，而且随着市场成熟度的提高，初始报酬率有逐渐下降的趋势。
However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.
而发行政策的变化、不同的行业特征、新股上市首日大盘涨跌幅对于新股发行抑价的影响并不明显。
However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.
而发行政策的变化、不同的行业特征、新股上市首日大盘涨跌幅对于新股发行抑价的影响并不明显。
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