Authenticating, Transmission or Governance Media Coverage and IPO Performance Change
- 海外教育－已发表论文 
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.