摘要主要关注的主体为反应不足,在已hs模型基础上,对我国ipo改的证券市场投资策略进行了实证研究.实证过程中主要采用了市场调整模型计算累计超额收益率,并根据样本条件划分适当的形成期和检验期.在此基础上,以经典的“赢者组合”和“输者组合”方法对实证数据进行分析,最终发现a股市场中存在反应不足的金融异象.关键词金融异象;累计超额收益率;反应不足;行为金融;中图分类号f830文献标识码athe empirical analys** of the underreactionof domestic ashare market based on car modeltan jie,deng liurui(college of business of hunan normal university,changsha,hunan410081,china)abstractth** ** focused on one of the main anomaliesunderreaction. based on the hs model,we analyzed the example of investment strategy in security market under the background of ipo reformation. with market adjusted model,we calculated the cumulative abnormal return and divided the formation period and testing period according to the conditions of the samples. on th** basi 20210311