媒体监督与IPO业绩变脸:甄别、传导还是治理

发布时间：2018-01-05 20:21

本文关键词：媒体监督与IPO业绩变脸:甄别、传导还是治理　出处：《财贸经济》2017年06期 　论文类型：期刊论文

【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。
[Abstract]:In view of the frequent problem of IPO performance change in China and the lack of countermeasures, this paper examines the role and effect of media supervision in IPO performance screening for the first time from the aspects of discrimination, transmission and governance. The media only stops at the effect of performance screening and information transmission. The negative media reports predict the face change of IPO company, which is positively related to the loss of performance and the probability of decline in performance of IPO after listing. The media screen IPO company will exist the threshold, only for the performance of companies with a serious decline in negative reporting; IPO performance screening of the media has information content, which will improve the probability of breaking new shares on the first day and the speed of breaking new shares after listing. However, the media has not opened the path of the supervision mechanism of intermediary institutions. That is to say, it failed to improve the supervision of IPO financial packaging, so the media did not produce substantial governance effect.
【作者单位】：华东理工大学商学院;厦门大学海外教育学院;
【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)
【分类号】：F832.51;G206
【正文快照】： 一、引言财务包装在IPO市场普遍存在,较高的报告盈余能够使IPO公司更容易通过证监会发审委的审核,并能带来更高的发行价格(刘烨、吕长江,2015),因而拟上市公司有强烈的动机对财务业绩进行包装。20多年来,尽管有中介机构核查担保、发审委严格审核,IPO财务包装在我国A股市场仍是

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