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借助百度新闻搜索获取的新闻报道数据,以新股发行为背景,研究媒体报道对询价机构参与行为的影响。研究发现,媒体报道能显著提高询价机构的参与热度,即媒体报道越多,询价机构的数量越多,对新股的需求量越大。另外,媒体报道减少了询价机构整体报价水平的偏离程度,使其更趋近于根据定价乘数模型得出的内在价值。同时,媒体报道并没有显著提高询价机构之间的意见分歧程度。研究结果表明,媒体在询价过程中主要起到信息中介及信息生产功能,增强了信息在询价机构间的扩散效果。
With the news report data obtained by Baidu News Search, this paper studies the impact of media coverage on the inquiry body’s participation in the background of IPO. The study found that media coverage can significantly increase the participation of inquiry agencies, that is, the more media reports, the more the number of inquiry agencies, the greater the demand for new shares. In addition, the media coverage reduces the deviation of the overall quotation level of the inquiry agency, making it closer to the intrinsic value derived from the pricing multiplier model. At the same time, media coverage did not significantly increase the level of disagreement among inquiry agencies. The result of the research shows that the media plays the role of information intermediary and information production mainly in the process of inquiry, which enhances the diffusion of information among inquiry agencies.