中文摘要：

区别于国内以股票价格为对象揭示IPO股票特征的研究，文章以投资者为研究对象，研究中国IPO股票上市初期机构和个人投资者的交易行为差异。IPO交易研究是目前IPO研究的一个前沿领域。文章利用沪深股市2002年IP0股票的账户交易数据建立Logistic回归模型发现，中国IPO股票上市首日的高成交量与高换手率由投资者逐利行为造成；在上市后3日的交易中，个人投资者由于资金限制和信息获取能力不足等原因，对股票收益的判断能力明显弱于机构投资者，在交易中被机构投资者所利用。

英文摘要：

Different from other domestic researches which take stock prices as objects to disclose the characteristics of IPO stocks,our paper focuses on the behaviors of investors to study whether there are some differences between individual and institutional investors on the first several days＇ trading of IPO stocks. We construct logistic regression models using the Shanghai and Shenzhen stock markets investors＇ account data of IPO stocks of 2002 to compare the judging ability and benefiting mode of individual and institutional investors.