摘要
静默期是我国IPO重要的制度安排,而自媒体简洁轻松的沟通方式恰好可满足企业在这一特殊时期与利益相关者的交流互动。本文考察了微博自媒体是否在公司IPO静默期发挥作用,发挥了何种作用,及产生作用的机理。研究发现,相对于非IPO公司,IPO公司更愿意在静默期利用自媒体发布信息;基于情绪效应,IPO公司在静默期发布的自媒体信息会正向影响IPO抑价。其影响机理在于,自媒体信息的频繁发布会吸引更多的公众媒体关注,调动投资者情绪,带来更多的新股购买,最终推高新股发行的抑价水平。
The quiet period is an important institutional arrangement for China’s IPO,and the simple and easy communication method from the we-media can meet the interaction with stakeholders during this special period.This paper examines whether wemedia,namely the weibo,has played an important role in the quiet period of the IPO,what role it has played,and the mechanism of its impact.We find that,compared with non-IPO companies,IPO companies are more willing to use we-media to publish information during the quiet period;Based on the sentiment-driven effect,the we-media information released by IPO companies during the quiet period will positively affect the IPO underpricing level.In addition,no matter what kind of weibo information released by the listed companies,and no matter whether it reposts or publishes original information,it will increase the IPO underpricing significantly.The influence mechanism lies in that the frequent release of we-media information will attract more public media attention,which will stimulate investors’sentiment,bring more new investor’s purchases,and ultimately push up the underpricing level of new share issuance.The conclusion of this paper provides a useful reference for listed companies to improve their information disclosure channels and gain higher IPO revenues with the help of we-media,and also provides beneficial enlightenment for the government and capital market regulatory authorities to optimize the information environment.
作者
黄宏斌
冯慧群
HUANG Hong-bin;FENG Hui-qun(Accounting School,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2020年第4期32-46,共15页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金面上项目(71872121)
国家自然科学基金青年项目(71802144)
国家自然科学基金青年项目(71402115).
关键词
自媒体信息披露
微博
静默期
IPO抑价
投资者情绪
we-media information disclosure
weibo
quiet period
IPO underpricing
investor sentiment
作者简介
黄宏斌(1980-),女,天津人,天津财经大学会计学院财务管理系副教授,管理学博士,主要研究方向是行为财务、资本市场财务与会计;冯慧群(1985-),女,天津人,天津财经大学会计学院财务管理系讲师,管理学博士,主要研究方向是公司治理、资本市场财务与会计。
