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

›› 2017, Vol. 29 ›› Issue (11): 50-61.

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

牛枫^1,2, 叶勇², 陈效东²

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

收稿日期:2015-05-08 出版日期:2017-11-28 发布日期:2017-11-25
通讯作者: 叶勇(通讯作者),西南交通大学经济管理学院教授,博士生导师,博士
作者简介:牛枫,河南理工大学财经学院副教授,博士;陈效东,浙江财经学院会计学院讲师,西南交通大学经济管理学院,博士。
基金资助:
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）。

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

Niu Feng^1,2, Ye Yong², Cheng Xiaodong²

1. School of Finance and Economics, Henan Polytechnic University, Jiaozuo 454000;
2. School of Economics and Management, Southwest Jiaotong University, Chengdu 300134

Received:2015-05-08 Online:2017-11-28 Published:2017-11-25

摘要/Abstract

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。

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

Abstract:

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.

Key words: media coverage, media supervision, offer level of inquiry institutions, IPO pricing

牛枫, 叶勇, 陈效东. 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[J]. , 2017, 29(11): 50-61.

Niu Feng, Ye Yong, Cheng Xiaodong. Media Reporting and IPO Pricing——Empirical Evidence from Companies Listed in the Small Board of Shenzhen[J]. , 2017, 29(11): 50-61.

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