媒体报道与IPO公司股票发行定价研究——来自深圳中小板上市公司的经验证据  

Media Reporting and IPO Pricing——Empirical Evidence from Companies Listed in the Small Board of Shenzhen

作　　者：牛枫 叶勇[2] 陈效东 

机构地区：[1]河南理工大学财经学院,焦作454000 [2]西南交通大学经济管理学院,成都300134

出　　处：《管理评论》2017年第11期50-61,共12页Management Review

基　　金：教育部人文社科基金项目(16YJA630067);河南省高校基本科研业务费专项项目(SKJZD2017-01);河南省科技厅软科学项目(172400410289);河南省教育厅人文社会科学一般项目(2017-ZZJH-203)

摘　　要：以2009至2012年间401家在深圳中小板上市的公司作为研究对象,从媒体关注和媒体监督两个维度考察了媒体报道对公司IPO股票发行定价的影响。研究发现,媒体关注可以显著提高IPO股票发行定价,而媒体监督则对IPO股票发行定价产生显著地负面效应;进一步研究发现,在法律保护水平较高的地区,媒体对IPO股票发行定价影响效应更为突出。实证结果表明,媒体主要通过对询价机构的报价水平的影响而实现对IPO股票定价决策的影响。Using the data of 401 companies listed from 2009 to 2012 in the small board of Shenzhen,the paper examines the relationship between media reporting and IPO pricing from the dimensions of both media coverage and media supervision.The empirical results show that media coverage can significantly improve IPO pricing,but media supervision can significantly reduce IPO pricing.Further study finds that media has a bigger effect on IPO pricing in regions under better regulatory protection.Evidence also suggests that the media impact on IPO pricing decisions is realized mainly through the influence of media on offer level of inquiry institutions.

关 键 词：媒体关注 媒体监督 询价机构报价水平 IPO股票发行定价 

分 类 号：F832.51[经济管理—金融学]