财经媒体推动创业板发行体制改革研究

发布时间：2018-06-13 20:41

本文选题：财经媒体 + 创业板　；参考：《陕西师范大学》2012年硕士论文

【摘要】：作为中国多层次资本市场的重要组成部分,创业板自2009年10月开设以来,已经暴露了深层次的发行制度缺陷,这一系列缺陷反映在市场上的结果是上市公司发行市盈率过高、募集资金远远超过公司实际需求、发行价严重扭曲造成投资者长期被套,即业界俗称的“三高发行”。与其相对应的是,高市盈率吸引了不少企业恶意造假谋求在创业板上市以获取高额融资,高额超募资金造成了对上市公司产生“逆向激励”,高发行价则使公司高管或股东疯狂减持,形成了对普通投资者的洗劫,同时公司股东的暴富效应也激发了普通投资者甚至是普通公众的反感。纠其核心,是中国以行政审批为核心的“审核制”与西方成熟市场以信息充分披露为核心的“注册制”的区别。本文研讨的焦点是在上述背景下,财经媒体尤其是新锐财经媒体在一系列舆论监督过程中,所显露的出的监督动机、监督流程、监督方式、监督效果及现状中仍存的不足,其核心论述是肯定了财经媒体在新股发行制度这一核心设计环节的重构过程中有直接的推动作用,并以事实加以佐证。本文的研究过程即按上述步骤展开。在介绍了中国创业板与财经媒体的发展现状之后,首先关注了财经媒体持续关注创业板发行制度的动机,确认这一动机主要源于吸引受众关注与实现商业诉求,并以数据证明受众本位与商业诉求在财经媒体运营上实现了融合统一；第二,研究了监督过程如何形成最终舆论,提出面对不同的投资主体与关注主体,存在着不同的信息流动过程,尤其是面对人数超过7000万人的普通投资者,财经媒体通过意见领袖的存在,对普通投资者的投资决策与投资心理产生了强势影响,体现了创业板与受众利益的相关性与接近性,其核心是实现了媒体议程与公众议程的统一；第三,在监督效果研究环节,通过实例研究证明媒体监督不但在个体事件上净化了市场、维护了投资者权益,还可深入地影响创业板发行制度甚至是整体资本市场(含主板、中小板)的新股发行制度。这一推动作用,在2012年前后得到了政府高层、行政监管部门的清晰表态,根据这一期间由官方释放的改革信号,直接了证明了财经媒体舆论监督的强势效果和特殊价值。第四,作为一个标志性范例,本文探讨了财经媒体在关注创业板过程中,其报道手段显示出故事化、娱乐化、道德化等多项特点,预示着财经媒体的阅读门槛正在降低,为财经话题更为广泛的传播奠定基础。最后,本文还关注了财经媒体在监督创业板发行体制改革过程中存在的部分问题。
[Abstract]:As an important part of China's multi-level capital market, since the gem was opened in October 2009, it has exposed the deep defects of the issuance system, which is reflected in the market results in the high price-earnings ratio of listed companies. The raising of funds far exceeds the actual demand of the company, and the price of the issue is seriously distorted, causing investors to be trapped for a long time, that is, the "three high issues" commonly known in the industry. Correspondingly, the high price-earnings ratio has attracted many enterprises to seek listing on the gem to obtain high levels of financing, which has resulted in a "reverse incentive" to the listed companies. The high offering price causes the company executives or shareholders to reduce their holdings madly, resulting in the ransacking of ordinary investors, and the effect of corporate shareholders' windfall also arouses the antipathy of ordinary investors and even the general public. Correcting its core is the difference between China's "auditing system" with administrative examination and approval as the core and the "registration system" in the western mature market with the core of full disclosure of information. The focus of this paper is that under the above background, the financial media, especially the new financial media, in a series of public opinion supervision process, revealed the supervision motivation, the supervision process, the supervision way, the supervision effect and the existing deficiency in the present situation. Its core argument is to affirm that the financial media has a direct role in promoting the reconstruction of the core design of the new issue system, and it is supported by the facts. The research process of this paper is carried out according to the above steps. After introducing the current situation of the development of the gem and the financial media in China, this paper first pays attention to the motivation of the financial media to continue to pay attention to the gem issue system, and confirms that this motive mainly stems from attracting the attention of the audience and realizing the business demands. And with the data to prove that the audience standard and commercial demands in the operation of financial media to achieve the integration of unity; second, the study of the supervision process how to form the final public opinion, put forward to face different investment and concern subjects, There are different information flow processes, especially in the face of more than 70 million ordinary investors, the financial media through the presence of opinion leaders, the ordinary investors have a strong impact on investment decisions and investment psychology. It reflects the relevance and proximity of gem and audience interests, the core of which is to realize the unity of media agenda and public agenda. Through the case study, it is proved that media supervision not only purifies the market and preserves the rights and interests of investors in individual events, but also deeply influences the issuing system of gem and even the new issue system of the whole capital market (including main board, small and medium-sized board). The push was made clear by senior government officials and administrative regulators around 2012. The signs of reform released by the government during this period directly demonstrate the strong effect and special value of financial media supervision by public opinion. Fourthly, as an iconic example, this paper discusses that in the process of paying attention to the gem, the reporting means of financial media show many characteristics, such as story, entertainment, moralization, etc, indicating that the reading threshold of financial media is decreasing. Lay the foundation for wider dissemination of financial topics. Finally, this paper also pays attention to some problems existing in the process of supervising gem issuing system reform.
【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：G210;F832.51

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