媒体监督、公司IPO与投资者保护——来自深圳中小板上市公司的经验证据被引量：2

Media supervision,Company IPO and Investor Protection----Empirical Evidence fromt he Small and Medium-sized Co mpanies List ed in Shenzhen

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摘要以2009-2012年在深圳中小板上市及同期未通过审批的公司为样本,研究了媒体监督在公司IPO过程中所发挥的投资者保护作用。结果发现:媒体监督对公司IPO审批、股票发行定价及IPO抑价均具有显著影响。媒体监督越强,公司IPO审批未通过的概率越高,股票发行定价和IPO抑价越低。进一步研究发现,媒体对公司的负面报道并非空穴来风,而是具有信息含量的。实证结果表明,媒体监督通过触发外部行政监管部门的审查机制、IPO定价机制及资本市场的惩戒机制等实现对投资者权益的保护。 Using the data from 2009-2012 of the Small and Medium-sized companies listed in Shenzhen and not approved to list, the paper studies the media supervision＇s role of investor protection during the company IPO process. The paper finds media supervision has a significant impact on company IPO approval, the stock offering price and the IPO underpricing, and the stronger the media supervision, the higher probability of not past the approval, the lower the stock offering price and IPO underpricing. Further studies show that the negative media coverage is not groundless, but has information content. The empirical results indicate that the media achieve the role of investor protection through triggering an external monitoring mechanism, the internal decision-making mechanism and punishment mechanism of capital markets and so on.

作者牛枫

机构地区西南交通大学经济管理学院河南理工大学经济管理学院

出处《山西财经大学学报》 CSSCI 北大核心 2016年第1期44-54,共11页 Journal of Shanxi University of Finance and Economics

基金国家自然科学基金项目(70602035) 河南省哲学社会科学规划项目(2013BJY030) 河南省教育厅人文社会科学重点研究项目(2015-ZD-050)

关键词媒体监督公司IPO 投资者保护 media supervision company IPO investor protection

分类号 F832 [经济管理—金融学]

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