本文采用事件研究法,说明在中国市场上存在IPO新股长期弱势表现,并以样本股票IPO之后五年累计超额收益率(CAR)为因变量,合理假设出的影响新股长期表现的因素为自变量,进行多元回归分析,并对其进行了检验。通过模型结果得出结论:公司实力,投资者因素和政策因素是影响IPO长期价格收益表现的主要因素,同时对每个因素及其包含的具体内容进行了解释和分析。 In this paper, we use event research method to show the long-term underperformance of IPOs in Chinese market. Taking the five-year accumulated excess returns (CAR) as the dependent variable after IPO, the reasonably assumed long-term performance of new shares is the independent variable , Conducted multiple regression analysis and tested it. The conclusion of the model is that corporate strength, investor factors and policy factors are the main factors affecting IPO long-term price-earnings performance. At the same time, each factor and its specific content are explained and analyzed.