I中国股票市场的“IPO 异常”现象探析摘 要随着我国股票市场的发展，IPO 异常交易行为问题日益明显，使得股票市场的投资功能严重缺失。这些异常交易行为反映出我国股票市场的 IPO 制度存在缺陷，并表明我国股票市场存在信息不对称，公平和效率缺失等问题。本文将研究的异常交易行为分为两类:一是一级市场 IPO 异常交易行为。主要是指股票市场的高发行率，高市盈率和高超募资金，企业为了 IPO 进行财务造假的行为。这些主要是由股票市场的参与主体违规操作而引发的。二是二级市场 IPO 异常交易行为。主要指上市公司高管层的疯狂减持套现，机构操纵市场以及企业 IPO 后长期不分红的行为，这些行为对投资者的回报产生了严重影响，并且这些行为会相互联系和传导，不利于股票市场的健康有序发展，因此研究股票市场 IPO 异常交易行为并分析异常行为产生的原因，从而得出减少异常交易行为的建议，对我国股票市场的健康发展具有重要的意义。关键词：IPO；股票市场；异常交易行为；原因IIResearch on Abnormal Trading Behavior and Control for IPO in Stock MarketAbstractWith the development of China's stock market, the problem of IPO abnormal trading behavior is increasingly obvious, which makes the investment function of the stock market seriously missing. These abnormal transactions reflect the defects of IPO system in China's stock market, and show that there are problems in China's stock market, such as asymmetric information, lack of fairness and efficiency.This paper divides the abnormal trading behavior into two categories: one is the abnormal trading behavior of IPO in the primary market. Mainly refers to the stock market's high issuance rate, high price earnings ratio and highly raised funds, the behavior of financial fraud for IPO. These are mainly caused by the illegal operation of the participants in the stock market. Second, IPO abnormal trading behavior in secondary market. It mainly refers to the behaviors of the listed company's executives, such as crazy reduction and...
