Factors that Influence IPO Volume Fluctuation - Based on Chinese A-share Market

摘要

This paper aims at finding out the factors that influence IPO volume fluctuation", "based on the three hypothesis that are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. The empirical results show that capital demand hypothesis is verified, and the rationality of information asymmetry hypothesis and investor sentiment hypothesis are also proved to a certain extent. The study helps to understand the market discipline of Chinese IPO market, and benefits the supervision of Chinese IPO market as well as the IPO timing of public company. Also, it helps promote the rational participation of investors. Thus, we can see that the research has important theoretical and practical significance.