中文摘要：

文章研究了2005-2012年中国特色IPO配售制度下基金申购IPO的行为,发现关联基金和非关联基金在不同情形下扮演着不同角色。在配售热门IPO以及牛市期间配售IPO时,关联基金获配其中较差的部分;在配售冷门IPO以及熊市期间配售IPO时,非关联基金为承销商＂送礼祝贺＂,获配其中较差的部分,其回报是在牛市中获配更多的热门IPO。研究还发现券商系基金通过＂礼尚往来＂的方式相互为承销商承销新股＂送礼祝贺＂。

英文摘要：

This paper studies the IPO purchasing behavior of open-ended funds from 2005 to 2012 under IPO allocation system in China, and concludes that affiliated and non-affiliated mutual funds play the different role under different conditions. When allocating hot IPOs or allocating IPOs in a bull market, affilia- ted mutual funds receive poor IPOs;when allocating cold IPOs or allocating IPOs in a bear market, non-affiliated mutual funds give gifts to underwriters and receive poor IPOs and more hot IPOs are allocated to them in the bull market as returns. Moreover, it shows that funds affiliated to securities companies provide support for underwriters served by other securities companies in reciprocity.