本文選題：媒體報道　切入點：媒體關(guān)注　出處：《西南交通大學》2016年博士論文

【摘要】：投資者保護問題歷來都是資本市場和公司治理領(lǐng)域研究的重要熱點話題。大量理論與實證研究表明,一國或地區(qū)投資者保護越好,股權(quán)融資成本越低,資本市場融資效率越高,資本市場也就越發(fā)達。然而,由于制度不健全、法律不完善等因素的存在,轉(zhuǎn)軌經(jīng)濟背景下中國IPO市場已經(jīng)成為各利益集團博弈的重鎮(zhèn),亂象叢生,新股“三高”(高發(fā)行價、高市盈率和高抑價率)問題突出,對投資者(特別是中小投資者)的保護嚴重不足。雖然,通過健全法律法規(guī)和提高執(zhí)法水平可以從根本上解決投資者保護問題,然而由于歷史、文化、語言和宗教的差異及社會網(wǎng)絡(luò)和政治規(guī)范的存在,使得法治水平的提高是一個長期的過程,并非一籌而就,因而學者們轉(zhuǎn)向?qū)Ψ赏庵贫鹊难芯�。其�?隨著現(xiàn)代通訊技術(shù)的迅速發(fā)展,媒體力量的崛起已經(jīng)成為重要的社會化現(xiàn)象,媒體監(jiān)督被認為是一種有效的替代司法實現(xiàn)投資者保護的重要制度安排,逐漸受到學術(shù)界的重視。因此,研究媒體在公司IPO過程中的投資者保護作用,對于轉(zhuǎn)軌經(jīng)濟背景下的中國資本市場的改革和發(fā)展,具有重要的理論和現(xiàn)實意義。本文以2009年6月至2012年12月期間在深交所中小板上市及沒有通過審批的公司為研究對象,通過考察媒體報道對公司IPO審批、股票發(fā)行定價、IPO抑價、IPO融資效率及公司上市后股價走勢的影響,從媒體關(guān)注和媒體監(jiān)督兩個維度研究了媒體報道在公司IPO過程中發(fā)揮的投資者保護作用。首先,基于中國轉(zhuǎn)軌經(jīng)濟背景提出研究問題,對媒體、公司IPO及投資者保護等相關(guān)理論進行綜述,給出研究方法和技術(shù)路線,并指出論文的創(chuàng)新點。其次,結(jié)合股票發(fā)行詢價制的制度背景,以媒體報道次數(shù)作為媒體關(guān)注的代理變量,以媒體負面報道次數(shù)和負面報道次數(shù)占總報道次數(shù)的比例分別作為媒體監(jiān)督的代理變量,全面考察了媒體報道對公司IPO審批、PO股票發(fā)行價格、IPO抑價及IPO后股價走勢的影響,研究了媒體在公司IPO過程中發(fā)揮的投資者保護作用,證實媒體報道是具有信息含量的,并揭示了媒體發(fā)揮投資者保護作用的機理。進一步的,本文還研究了媒體報道對公司IPO融資效率的影響。最后是結(jié)論,總結(jié)本文主要研究內(nèi)容和創(chuàng)新點,給出政策建議,并指出研究不足及未來研究方向。本文主要結(jié)論如下：(1)媒體監(jiān)督可以顯著提高IPO公司未通過證監(jiān)會審批的概率,對公司IPO股票發(fā)行定價和IPO抑價具有顯著負面影響,媒體監(jiān)督還可以顯著提高IPO融資效率,媒體報道是具有信息含量的；(2)媒體是通過對IPO公司的負面報道引起輿論監(jiān)督而觸發(fā)外部監(jiān)管機制(招致證監(jiān)會更為嚴格的審查)、IPO股票發(fā)行定價機制和資本市場懲罰機制等而實現(xiàn)的；(3)進一步研究發(fā)現(xiàn),媒體發(fā)揮投資者保護作用受IPO公司所在地法律保護水平和金融市場發(fā)展程度的影響。
[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.
【學位授予單位】：西南交通大學
【學位級別】：博士
【學位授予年份】：2016
【分類號】：F832.51

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