基于财富管理视角的IPO市值配售网上申购策略

摘要

网上申购新股是一种风险较低而收益可观的投资策略,若操作得当可带来持续稳定的正收益.A股IPO发行方式自20世纪90年代以来反复变化,2012年5月起基本稳定为限定发行市盈率、市值配售的方式.基于财富管理视角,首先分析影响网上申购收益的几个因子并推导出其计算公式,然后对2016年市场情况进行实证研究,接着制定出未来1~2年可行的操作策略,最后建议后续研究针对新股发行政策变化和证券市场走势变化适时调整相关策略.%Investing in new stocks online is an investment strategy with low risk and profitable return.If it is operated properly,a steady and sustained positive return can be emerged.Since the 1990s, the issuance ways of IPO with A-share have changed capriciously.And in May 2012 ,its issuance ways have changed to a basically stable way of limiting the IPO P/E ratio and selling market value.Based on the perspective of wealth management, this paper analyzed the factors influencing the returns of online subscription and deduced its calculation formula.Then a comprehensive research was made on the market in 2016,and developed the practical strategy for the next 1~2 years.Finally, it advised the following study should based on the IPO policy and the trend of stock market, and put forward corresponding strategy timely.