媒体公关、投资者情绪与证券发行定价  

The Management of Media Public Relation,Investor Sentiment and Security Offerings

作　　者：邵新建[1] 何明燕 江萍[1] 薛熠[1] 廖静池[3] 

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029 [2]中国工商银行数据中心,北京100096 [3]深圳证券交易所综合研究所,广东深圳518038

出　　处：《金融研究》2015年第9期190-206,共17页Journal of Financial Research

基　　金：国家自然科学基金项目(71102075;71472039;71302010;71471040;71403174);对外经济贸易大学优秀青年学者培育计划(2014YQ01);对外经济贸易大学中央高校基本科研业务费专项资金(CXTD5-01)资助

摘　　要：本文研究了拟上市公司通过专门针对媒体的公关活动影响其证券发行定价的内在机制。结果发现:公司可以通过投入媒体公关费用来增加媒体对于该公司的新闻报道量,这些报道在性质上属于正面的广告宣传,而正面新闻能够显著提高投资者对该公司的关注程度和乐观情绪;乐观情绪越强,则参与证券发行的投资者人数越多,需求量越大,进而导致证券发行价格的上调幅度越大。但是在长期内,当证券交易价格逐渐回归于实际价值时,发行前关注度越高的证券,其长期回报率越低。本文的研究意味着新闻媒体在证券发行中的宣传推介功能与其公司外部治理人的身份存在冲突。This paper investigates how the management of media public relation by issuers affects its security pricing. We find that issuer can increase the number of news about itself by spending more money on the management of media public relation. Moreover, this news which aims mainly at marketing the issuing security as advertisement is able to attract more attention of investors and mislead them to be more optimistic about the security value. The more attention, the more investors who will participate in the security subscription, and the more demand for the security, which results to a more positive adjustment of issuing price. However, the more attention of investors before pricing the security will leads to much worse long - term performance of the security when its trading price reverses to the true value in the long run. Our findings imply that there is a conflict between the promotion function of news media and its role as one outside corporate governor.

关 键 词：媒体公关 新闻报道 投资者关注 首次公开发行 

分 类 号：G206[文化科学—传播学] F832.51[经济管理—金融学]