承销商声誉、媒体关注与IPO首日抑价  

Underwriter's Reputation, Media Attention and IPO Under-Pricing

作　　者：程兰东 易志高[1,2] Cheng Landong Yi Zhigao(School of Commerce, Nanjing Normal University, Jiangsu Nanjing 210023 School of Engineering Management, Nanjing University, Jiangsu Nanjing 210093)

机构地区：[1]南京师范大学商学院,江苏南京210023 [2]南京大学工程管理学院,江苏南京210093

出　　处：《金融发展研究》2017年第2期35-41,共7页Journal Of Financial Development Research

基　　金：国家自然科学基金青年项目"媒体报道与股价波动:中国情境下的说服理论视角研究"(71102025)的资助

摘　　要：本文以2006—2014年上市的1107家A股IPO公司为样本,研究了承销商声誉对公司媒体报道、进而对IPO首日抑价的影响。研究发现:(1)媒体关注与IPO首日抑价正相关;(2)承销商通过媒体报道这一中间传导环节提高新股首日抑价;(3)IPO承销商声誉有助于公司获得更高的媒体关注,特别是来自地方性媒体的关注,2009年6月IPO发行政策改革后,承销商声誉对媒体关注影响增强。本研究有助于进一步揭示并理解金融中介对资产定价影响的内在机理。This paper uses the I, 107 A-share IPO companies listed from 2006 to 2014 to test the influence of underwriter＇s reputation and media coverage on IPO under-pricing.This paper finds that media attention has a significant positive impact on the IPO under-pricing, and we find that the IPO underwriter enhance IPO under-pricing through media coverage .What＇s more, the good underwriter reputation significantly helps bring more media coverage for their cli- ents, and this effect is more significant on local media reports.Furthermore, the IPO issue policy changed in June 2009, and we find that the influence ofunderwriter＇s reputation on media has increased after that. Thus, this paper will help us understand how the financial intermediary exerts it＇s influence on the asset pricing.

关 键 词：媒体关注 承销商声誉 地方媒体报道 IPO首日抑价 

分 类 号：F830.9[经济管理—金融学]