证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2009年
11期
42~47
,共null页
夏峰 谢咏生 张霖 贺为民 涂健 阳晓辉
夏峰 謝詠生 張霖 賀為民 塗健 暘曉輝
하봉 사영생 장림 하위민 도건 양효휘
创业板 创业板投资者 投资者适当性管理 交易行为特征
創業闆 創業闆投資者 投資者適噹性管理 交易行為特徵
창업판 창업판투자자 투자자괄당성관리 교역행위특정
Growth Enterprise Market, Investors in the Growth Enterprise Market, the Eligibility Management of Investors, the Characteristics of Trading Behavior
“投资者适当性管理”制度使得创业板市场拥有了一个特别的签约投资者群体。为全面深入地了解这些投资者的详细情况，本文统计了相关登记结算数据，并从投资者整体情况、交易行为特征与创业板上市首日交易情况三方面进行了分析，得到如下一些结论：70％的签约投资者具有两年以上投资经验；签约投资者以中小散户为主；中签的签约投资者倾向于在上市首日全部卖出所持有的新股；上市首日买入的投资者其市值规模在签约投资者中属于较高水平等等。
“投資者適噹性管理”製度使得創業闆市場擁有瞭一箇特彆的籤約投資者群體。為全麵深入地瞭解這些投資者的詳細情況，本文統計瞭相關登記結算數據，併從投資者整體情況、交易行為特徵與創業闆上市首日交易情況三方麵進行瞭分析，得到如下一些結論：70％的籤約投資者具有兩年以上投資經驗；籤約投資者以中小散戶為主；中籤的籤約投資者傾嚮于在上市首日全部賣齣所持有的新股；上市首日買入的投資者其市值規模在籤約投資者中屬于較高水平等等。
“투자자괄당성관리”제도사득창업판시장옹유료일개특별적첨약투자자군체。위전면심입지료해저사투자자적상세정황，본문통계료상관등기결산수거，병종투자자정체정황、교역행위특정여창업판상시수일교역정황삼방면진행료분석，득도여하일사결론：70％적첨약투자자구유량년이상투자경험；첨약투자자이중소산호위주；중첨적첨약투자자경향우재상시수일전부매출소지유적신고；상시수일매입적투자자기시치규모재첨약투자자중속우교고수평등등。
A special group of signing investors has been established in Growth Enterprise Market through the adoption of the eligibility management of investors. In order to give insight to these investors＇ detailed information and trading behavior Characteristics, this paper analyzes the relative registration and clearing data of signing investors＇ securities accounts in the Growth Enterprise Market generated by？30th Sep 2009. The results show that 70% of these signing investors have more than two years trading experience, and most of them belong to medium-small investors. Moreover, signing investors who win the lots incline to sell all of their holding stocks on the first day of IPOs. However, we find that investors who buy shares on the first day of IPOs generally hold comparative large market value scales.
