媒体报道影响中小板公司IPO抑价吗?  

Can Media Reports Affect IPO Underpricing of Companies Listed on SME's Board?

作　　者：牛枫[1,2] 叶勇 

机构地区：[1]西南交通大学经济管理学院,四川成都610031 [2]河南理工大学经济管理学院,河南焦作454000

出　　处：《当代财经》2015年第2期76-84,共9页Contemporary Finance and Economics

基　　金：国家自然科学基金项目"上市公司隐性终极控制权效应研究及实证分析"(70602035);河南省哲学社会科学规划项目"我国高校财务信息披露模式研究"(2013BJY030)

摘　　要：以2009年至2012年在深圳中小板上市的403家公司为研究样本,从媒体关注、媒体监督和媒体负面舆论三个维度考察了媒体报道与IPO抑价之间的关系。实证研究发现:媒体报道越多,媒体关注度越强,公司IPO抑价率越高;由于媒体负面报道次数偏少,媒体监督与IPO抑价虽然具有负相关关系,但并不显著;而以媒体负面报道次数占总报道次数之比作为媒体负面舆论的代理变量,发现媒体负面舆论可以显著降低IPO抑价率,有效抑制IPO高抑价。Taking 403 companies listed on the SME＇s board in Shenzhen Stock Market during 2009-2012 as the research samples, this paper examines the relationship between media reports and IPO underprieing from the three dimensions of media coverage, media supervision and negative public opinion revealed by media. The empirical results show that the more media reports, the heavier the media coverage, and the higher the corporate IPO tmderpricing. Due to the number of negative media coverage is small, although there exists a negative correlation between media monitoring and IPO un- derpricing, it is not significant. However, when taking the ratio of the number of negative reports to the total number of reports as a proxy variable of media negative public opinion, it can be found that the media negative public opinion can significantly reduce the IPO underpricing rate and effec- tively inhibit higher IPO underpricing.

关 键 词：媒体关注 媒体监督 媒体负面舆论 中小板公司IPO抑价 

分 类 号：F276.5[经济管理—企业管理]