文献类型：期刊文献

中文题名：媒体监督与IPO业绩变脸:甄别、传导还是治理

英文题名：Authenticating,Transmission or Governance? Media Coverage and IPO Performance Change

作者：熊艳[1];杨晶[2]

机构：[1]华东理工大学商学院;[2]厦门大学海外教育学院

年份：2017

卷号：38

期号：6

起止页码：66

中文期刊名：财贸经济

外文期刊名：Finance & Trade Economics

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2014】；社科基金资助期刊;CSSCI:【CSSCI2017_2018】；

基金：国家自然科学基金青年项目"网络舆论;公司治理与公司财务政策"(71402155);教育部人文社科青年项目"媒体在新股发行审核中的角色发凡"(16YJC630147);上海市哲学社会科学规划青年项目"媒体渲染与房价泡沫研究"(2016EJB004)

语种：中文

中文关键词：媒体;IPO业绩变脸;新股破发;财务包装

外文关键词：Media, IPO Performance Change, New Shares Break, Financial Package

摘要：鉴于我国IPO业绩变脸问题频发而治理对策缺失,本文首次从甄别、传导、治理层面考察了媒体监督在IPO业绩甄别中的角色及效果。本文研究发现,媒体仅止步于业绩甄别与信息传导之效,媒体负面报道预判了IPO公司业绩变脸,与IPO公司上市后业绩亏损和业绩下滑的概率正相关;媒体甄别IPO公司意愿存在阈值,只对业绩下滑严重的公司进行负面报道;媒体的IPO业绩甄别具有信息含量,将提高新股上市首日破发概率及新股上市后破发速度。但是,媒体未打通中介机构监督机制的路径,即未能提升中介机构对IPO财务包装的监督之效,因而媒体未产生实质性的治理之效。
This paper focus on the relationship of media and IPO performance change, including authenticating, transmission or governance level. However, it is successful for media to authenticate real performance and transmit information to the capital market, while the governance function is invalid as media coverage cannot alleviate the degree of accounting package without activated supervisory mechanism by intermediary. We find that there is positive correlation between negative coverage and probability of performance loss and decline, and the coverage is useful to the investors since it accelerates the speed of stock price fall on debut. Moreover, media just keeps a watchful eye on the samples with serious problems.