發(fā)布時(shí)間：2018-06-13 20:41

  本文選題：財(cái)經(jīng)媒體 + 創(chuàng)業(yè)板　； 參考：《陜西師范大學(xué)》2012年碩士論文

【摘要】：作為中國多層次資本市場的重要組成部分,創(chuàng)業(yè)板自2009年10月開設(shè)以來,已經(jīng)暴露了深層次的發(fā)行制度缺陷,這一系列缺陷反映在市場上的結(jié)果是上市公司發(fā)行市盈率過高、募集資金遠(yuǎn)遠(yuǎn)超過公司實(shí)際需求、發(fā)行價(jià)嚴(yán)重扭曲造成投資者長期被套,即業(yè)界俗稱的“三高發(fā)行”。與其相對(duì)應(yīng)的是,高市盈率吸引了不少企業(yè)惡意造假謀求在創(chuàng)業(yè)板上市以獲取高額融資,高額超募資金造成了對(duì)上市公司產(chǎn)生“逆向激勵(lì)”,高發(fā)行價(jià)則使公司高管或股東瘋狂減持,形成了對(duì)普通投資者的洗劫,同時(shí)公司股東的暴富效應(yīng)也激發(fā)了普通投資者甚至是普通公眾的反感。糾其核心,是中國以行政審批為核心的“審核制”與西方成熟市場以信息充分披露為核心的“注冊制”的區(qū)別。 本文研討的焦點(diǎn)是在上述背景下,財(cái)經(jīng)媒體尤其是新銳財(cái)經(jīng)媒體在一系列輿論監(jiān)督過程中,所顯露的出的監(jiān)督動(dòng)機(jī)、監(jiān)督流程、監(jiān)督方式、監(jiān)督效果及現(xiàn)狀中仍存的不足,其核心論述是肯定了財(cái)經(jīng)媒體在新股發(fā)行制度這一核心設(shè)計(jì)環(huán)節(jié)的重構(gòu)過程中有直接的推動(dòng)作用,并以事實(shí)加以佐證。 本文的研究過程即按上述步驟展開。在介紹了中國創(chuàng)業(yè)板與財(cái)經(jīng)媒體的發(fā)展現(xiàn)狀之后,首先關(guān)注了財(cái)經(jīng)媒體持續(xù)關(guān)注創(chuàng)業(yè)板發(fā)行制度的動(dòng)機(jī),確認(rèn)這一動(dòng)機(jī)主要源于吸引受眾關(guān)注與實(shí)現(xiàn)商業(yè)訴求,并以數(shù)據(jù)證明受眾本位與商業(yè)訴求在財(cái)經(jīng)媒體運(yùn)營上實(shí)現(xiàn)了融合統(tǒng)一； 第二,研究了監(jiān)督過程如何形成最終輿論,提出面對(duì)不同的投資主體與關(guān)注主體,存在著不同的信息流動(dòng)過程,尤其是面對(duì)人數(shù)超過7000萬人的普通投資者,財(cái)經(jīng)媒體通過意見領(lǐng)袖的存在,對(duì)普通投資者的投資決策與投資心理產(chǎn)生了強(qiáng)勢影響,體現(xiàn)了創(chuàng)業(yè)板與受眾利益的相關(guān)性與接近性,其核心是實(shí)現(xiàn)了媒體議程與公眾議程的統(tǒng)一； 第三,在監(jiān)督效果研究環(huán)節(jié),通過實(shí)例研究證明媒體監(jiān)督不但在個(gè)體事件上凈化了市場、維護(hù)了投資者權(quán)益,還可深入地影響創(chuàng)業(yè)板發(fā)行制度甚至是整體資本市場(含主板、中小板)的新股發(fā)行制度。這一推動(dòng)作用,在2012年前后得到了政府高層、行政監(jiān)管部門的清晰表態(tài),根據(jù)這一期間由官方釋放的改革信號(hào),直接了證明了財(cái)經(jīng)媒體輿論監(jiān)督的強(qiáng)勢效果和特殊價(jià)值。 第四,作為一個(gè)標(biāo)志性范例,本文探討了財(cái)經(jīng)媒體在關(guān)注創(chuàng)業(yè)板過程中,其報(bào)道手段顯示出故事化、娛樂化、道德化等多項(xiàng)特點(diǎn),預(yù)示著財(cái)經(jīng)媒體的閱讀門檻正在降低,為財(cái)經(jīng)話題更為廣泛的傳播奠定基礎(chǔ)。 最后,本文還關(guān)注了財(cái)經(jīng)媒體在監(jiān)督創(chuàng)業(yè)板發(fā)行體制改革過程中存在的部分問題。
[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.
【學(xué)位授予單位】：陜西師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：G210;F832.51

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本文編號(hào)：2015347