文献类型：期刊文献

中文题名：媒体曝光与IPO发行审核:作用效果与影响机理

英文题名：Media Exposure and IPO Approval:Effects and Mechanisms

作者：熊艳[1];魏志华[2];李常青[3]

机构：[1]华东理工大学商学院,上海200237;[2]厦门大学经济学院,福建厦门361005;[3]厦门大学管理学院,福建厦门361005

年份：2020

卷号：42

期号：11

起止页码：141

中文期刊名：经济管理

外文期刊名：Business and Management Journal ( BMJ )

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；社科基金资助期刊;CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金项目“社交媒体的情绪波动与股价行为研究”(71702056);国家自然科学基金项目“中国上市公司避税天堂投资:动机、经济后果与治理机制”(71972163);教育部人文社会科学研究青年基金项目“媒体在新股发行审核中的角色发凡”(16YJC630147)。

语种：中文

中文关键词：媒体曝光;IPO发行审核;发审委特征

外文关键词：media exposure;IPO approval;IEC's characteristics

摘要：新股发行的市场化改革与发展相对缓慢的市场自律力量之间的矛盾是我国资本市场当前存在的现实困境,如何构建自律机制是现实中极为紧迫而重要的话题。鉴于媒体在新股发行市场监督职能凸显而相关研究不足的现实,本文实证检验了媒体曝光对拟上市公司发行审核结果的影响及作用机理,试图探讨媒体作为资本市场自律机制的可行性。本文发现,媒体监督在IPO阶段是有效的,媒体曝光显著降低了拟上市公司发行审核过会的概率,这一效果主要通过对发审委委员的信息扩散及声誉约束路径实现,即媒体曝光将对宽松审核风格的发行审核委员会(发审委)委员产生更大的信息扩散影响,对职业独立性更高的发审委委员声誉约束效果更强。此外,媒体曝光会延缓拟上市公司的上市进程,而IPO上市进程时间越长的公司,在上市后出现业绩变脸的概率越高,这说明IPO发行审核的前端控制是有效的。本文试图为媒体与IPO发行审核提供新的研究方向,为新股发行市场改革寻求非正式制度支持、完善资本市场的自律机制提供重要借鉴。
The contradiction between the market-oriented reform of IPO issuance and the relatively slow-developing market self-regulatory forces hinders the development of the market,highlighting the need in search of the forces for in addition to the self-regulatory mechanism for the capital market.The gradual reform of the registration system under the new“Securities Law”show that the focus of the review has shifted to the proposed IPO applicants'information disclosure.Under the registration system,the media acts as an external regulator of the information disclosure of IPO applicants,and its exposure will arouse the attention of the review agency,which will affect the acquisition and retention of the company's IPO approval.We pioneered in identifying the influence and mechanism of media coverage on the IPO approval decisions and the process of proposed listed companies,using the data includes 2,628 IPO applicants that entered the review process of the Securities Regulatory Commission's Issuance Examination Committee(IEC)between January 1,2005 and December 31,2018.This article believes that the IEC plays a vital role in IPO application,but most of them just focus on the documents submitted by IPO applicants which may be packed,and they have never done on-the-spot investigation,so the authenticity of information cannot be well confirmed by IEC.While the media has the motivation and ability to expose the truth,which may induce the investigation of IEC.Based on the information offered by media,IEC may postpone the vote,cancel the review,or reject the listing qualifications.This paper found that media supervision is effective in the IPO stage,and media exposure significantly reduces the probability of IPO approval.This effect is mainly achieved through the information diffusion and reputation constraint path.In the information diffusion path,media exposure will have a greater impact on the IEC with a loose review style.If the IEC is severe,he will be more cautious to seek more risk information of IPO applicants,and the increment effect of media is smaller.In the reputation constraint path,the individual's rent-seeking decision is jointly determined by private benefit and reputation cost.The reputation restraint effect is related to IEC's private benefit.The higher the independence of the committee members,the smaller the private benefit and the stronger the media's reputation restraint effect.Further research show that media exposure will delay the IPO applicants'listing process.The more media exposure,the longer the IPO approval time.Furthermore,the longer the time for the approval,the higher the probability of performance decline in the year after IPO.Therefore,in the context of the current intermediary agencies failing to perform their duties and the regulatory authorities are gradually deregulating,the media can play an effective role as a market self-discipline mechanism to a certain extent and become the emerging watchdog in the IPO market.In the future,it is possible to build a joint information disclosure supervision mechanism between the exchange and the media,provide financial incentives for objective reporting by the media,encourage the establishment of news self-regulatory organizations.The possible contributions of this article are as follows:(1)Based on China's unique institutional background,this article studies the influence and mechanism of media exposure on IPO approval and enriches the research literature on media governance in the IPO context.It fills in the gaps in media coverage and research on IPO review,and provides theoretical basis for media behavior research.(2)This article is no longer confined to influence on the listed companies,and expands to IPO applicants.At the same time,this article expand the media's impact on stakeholders.(3)This article measures the review style and independence of IEC for the first time,and clarifies the mechanism by which media exposure affects the IPO results by examining the heterogeneous influence of media exposure on different characteristics of the IEC.