我国IPO扩容对A股的影响研究

摘要：近些年来中国A股走势变化较大，先由05年到07年经历了A股历史上第一牛市，又在08年急速探底，在09至11年间上下波动，而在2011年12月，A股上证指数却和10年前上证指数几乎无异，被戏称为“十年上幅零”。中国IPO在2009年解禁，几年来融资金额位列全球资本第一。本文选取了近五年中国A股整体走势和IPO扩容作为研究对象，研究中国IPO扩容对A股的影响，并且得到了IPO扩容是引发A股熊市的主要原因之一的结论。

关键字：A股；IPO扩容；熊市
A Research on the Effect on A-shares Caused by the Expansion of IPO in China

Abstract
 
A-shares went through a variety process in recent years. A-shares rose and got to the top in history in 2007, then fallen down quickly. In 2008, A-shares fallen down to a below point. From 2009 to 2011, A-shares rose and fallen in a range, but in December, 2011, the index of A-shares was almost the same as 10 years ago. IPO in China accelerated from 2009, attracted a lot of money from the capital market. This paper chooses the index of A-shares and the number of IPO in recent 5 years, analyzes the effect on A-shares caused by IPO. This paper gets the conclusion that the expansion of IPO is a main reason of A-shares becomes a bear market in recent years.

Key Words: A-shares; Expansion of IPO; Bear market

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