中文摘要：

本文旨在研究中国股票市场不同发行制度下IPOs长期表现。选取1993年4月-1999年6月在中国股票市场上市的A股新股作为审批制下样本，选取2001年4月—2006年12月在中国股票市场上市的A股新股作为核准制下样本，基于Fama-French三因素模型，对我国不同发行制度下IPOs上市后一段时间内（一年期，两年期，三年期，四年期和五年期）的股价表现分别进行实证研究，并进一步分析其差异及形成原因。实证结果表明，审批制下IPOs长期表现（一年期、两年期和三年期）强于核准制下IPOs长期表现，但核准制下IPOs的四年期和五年期长期表现优于审批制下的IPOs长期表现。这表明随着时间的推移，新股不再是“新的”股票。

英文摘要：

This paper aims to study the long - run performance of IPOs under different issue systems in Chinese Stock Market. IPOs data samples cover those published in Chinese Stock Market from April 1993 to June 1999, and from April 2001 to Decem- ber 2006. An empirical study on the long - run IPOs performance is investigated under different issue systems, （ one year, two years, three years, four years and five years） , by using Fama - French Three - factor Model. Differences and the corresponding reasons are further analyzed. Results show that the long- run IPOs performance （one year, two years or three years） in the au- thorizing period is more efficient than that in the approving period. However, four - year and five - year long - run IPOs perform- ance in the approving period is more efficient than that in the authorizing period. It indicates that IPOs is not ＂new＂ Stock with IPO widespread as time goes by.