媒体报道、公司IPO与投资者保护

发布时间：2018-03-26 07:44

本文选题：媒体报道　切入点：媒体关注　出处：《西南交通大学》2016年博士论文

【摘要】：投资者保护问题历来都是资本市场和公司治理领域研究的重要热点话题。大量理论与实证研究表明,一国或地区投资者保护越好,股权融资成本越低,资本市场融资效率越高,资本市场也就越发达。然而,由于制度不健全、法律不完善等因素的存在,转轨经济背景下中国IPO市场已经成为各利益集团博弈的重镇,乱象丛生,新股“三高”(高发行价、高市盈率和高抑价率)问题突出,对投资者(特别是中小投资者)的保护严重不足。虽然,通过健全法律法规和提高执法水平可以从根本上解决投资者保护问题,然而由于历史、文化、语言和宗教的差异及社会网络和政治规范的存在,使得法治水平的提高是一个长期的过程,并非一筹而就,因而学者们转向对法律外制度的研究。其中,随着现代通讯技术的迅速发展,媒体力量的崛起已经成为重要的社会化现象,媒体监督被认为是一种有效的替代司法实现投资者保护的重要制度安排,逐渐受到学术界的重视。因此,研究媒体在公司IPO过程中的投资者保护作用,对于转轨经济背景下的中国资本市场的改革和发展,具有重要的理论和现实意义。本文以2009年6月至2012年12月期间在深交所中小板上市及没有通过审批的公司为研究对象,通过考察媒体报道对公司IPO审批、股票发行定价、IPO抑价、IPO融资效率及公司上市后股价走势的影响,从媒体关注和媒体监督两个维度研究了媒体报道在公司IPO过程中发挥的投资者保护作用。首先,基于中国转轨经济背景提出研究问题,对媒体、公司IPO及投资者保护等相关理论进行综述,给出研究方法和技术路线,并指出论文的创新点。其次,结合股票发行询价制的制度背景,以媒体报道次数作为媒体关注的代理变量,以媒体负面报道次数和负面报道次数占总报道次数的比例分别作为媒体监督的代理变量,全面考察了媒体报道对公司IPO审批、PO股票发行价格、IPO抑价及IPO后股价走势的影响,研究了媒体在公司IPO过程中发挥的投资者保护作用,证实媒体报道是具有信息含量的,并揭示了媒体发挥投资者保护作用的机理。进一步的,本文还研究了媒体报道对公司IPO融资效率的影响。最后是结论,总结本文主要研究内容和创新点,给出政策建议,并指出研究不足及未来研究方向。本文主要结论如下：(1)媒体监督可以显著提高IPO公司未通过证监会审批的概率,对公司IPO股票发行定价和IPO抑价具有显著负面影响,媒体监督还可以显著提高IPO融资效率,媒体报道是具有信息含量的；(2)媒体是通过对IPO公司的负面报道引起舆论监督而触发外部监管机制(招致证监会更为严格的审查)、IPO股票发行定价机制和资本市场惩罚机制等而实现的；(3)进一步研究发现,媒体发挥投资者保护作用受IPO公司所在地法律保护水平和金融市场发展程度的影响。
[Abstract]:Investor protection has always been an important hot topic in the field of capital market and corporate governance. A large number of theoretical and empirical studies show that the better the protection of investors in a country or region, the lower the cost of equity financing, the higher the efficiency of capital market financing. The more developed the capital market is, the more developed the capital market will be. However, due to the existence of imperfect system and imperfect laws, China's IPO market has become an important game town for various interest groups under the background of transitional economy. The problem of high price-earnings ratio and high price underpricing is prominent, and the protection of investors, especially small and medium-sized investors, is seriously inadequate. Although, the problem of investor protection can be fundamentally solved by improving laws and regulations and raising the level of law enforcement. However, due to the differences in history, culture, language and religion, and the existence of social networks and political norms, the improvement of the level of the rule of law is a long-term process, not a one-off process, so scholars turn to the study of extra-legal systems. With the rapid development of modern communication technology, the rise of media power has become an important socialization phenomenon. Media supervision is considered to be an effective alternative to the judiciary to achieve the important institutional arrangements for investor protection. Therefore, the study of the role of the media in the process of corporate IPO investor protection, for the transformation of the economic background of China's capital market reform and development, It is of great theoretical and practical significance. This paper takes the companies listed on the small and medium-sized board of Shenzhen Stock Exchange from June 2009 to December 2012 as the research objects, and examines the media reports to examine and approve the IPO of the companies. The effect of IPO underpricing on the efficiency of IPO financing and the trend of stock price after listing. This paper studies the role of media reports in investor protection in the process of IPO from the perspectives of media concern and media supervision. Based on the background of China's transition economy, this paper puts forward research questions, summarizes the relevant theories such as media, corporate IPO and investor protection, gives the research methods and technical routes, and points out the innovation points of the paper. Combining with the institutional background of the stock issue inquiry system, taking the number of media reports as the proxy variable of media attention, taking the number of negative reports and the proportion of the times of negative reports to the total number of reports as the proxy variables of media supervision respectively, This paper comprehensively investigates the influence of media reports on the IPO underpricing and the stock price trend after the IPO approval, and studies the investor protection role played by the media in the process of the company's IPO, which proves that the media reports have information content. Furthermore, this paper also studies the influence of media reports on the efficiency of corporate IPO financing. Finally, it concludes that this paper summarizes the main research contents and innovations of this paper, and gives policy recommendations. The main conclusions of this paper are as follows: 1) Media supervision can significantly increase the probability of IPO company not being approved by CSRC, and has a significant negative impact on the pricing of IPO shares and underpricing of IPO. Media supervision can also significantly improve the efficiency of IPO financing, Media reports are informative) the media trigger the external regulatory mechanism through negative coverage of IPO and trigger external regulatory mechanisms (leading to more stringent scrutiny of IPO pricing mechanisms and capital market penalties by the SFC). A further study of the penalty mechanism, etc., found that, The role of media investor protection is affected by the level of legal protection and the development of financial markets in IPO's location.
【学位授予单位】：西南交通大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.51

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