管理者过度乐观、媒体报道与IPO定价  

Over-optimism of Managers,Media Coverage and IPO Pricing

作　　者：任成林 曹国华[1] 林川[2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]四川外国语大学国际商学院,重庆400031

出　　处：《云南财经大学学报》2018年第3期66-76,共11页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金重点项目"制度环境;公司财务政策选择和动态演化研究"(71232004)

摘　　要：运用百度搜索引擎和2009~2016年中国A股1429家IPO公司的数据,从媒体报道动因的视角研究了管理者的过度乐观对IPO首日抑价率的影响。实证结果显示:在公司IPO过程中,过度乐观的管理者容易高估企业价值,更愿意主动向市场其他参与者释放信息,导致更高的媒体公关费用支出,并吸引更多的媒体报道。管理者过度乐观吸引媒体报道的行为在整体上有助于减弱市场中的信息不对称程度,从而抑制IPO首日抑价率,并在媒体报道贫乏时表现更突出。Based on the data of Baidu search engine and 1429 A - share IPO companies in Chi- na from 2009 to 2016, the paper studies the influence of managers＇ over - optimism on the rate of IPO underpricing on the first day from the perspective of media coverage motivation. The empirical results show that in the process of IPO, over - optimistic managers are easy to overestimate the value of enterprises, and they are more willing to pass their faith to other participants by producing infor- mation, leading to higher cost of media public relations and attract more media coverage. On the whole, this helps to reduce information asymmetry in the market, and thus decreases the rate of IPO underpricing on the first day, and the effect is more outstanding when the media report is poor.

关 键 词：过度乐观 媒体报道 信息不对称 首次公开募股抑价 

分 类 号：F276.6[经济管理—企业管理]