媒体负面报道与公司IPO进程

Negative Media Reports and Firm’s IPO Process

以2006至2018年间首次提交IPO过会申请的公司为样本,研究媒体负面报道对IPO进程的影响。结果发现,媒体负面报道显著延缓了公司IPO进程,表现为拟IPO公司审核通过率降低和过会时间延长,这一结论在采用多种稳健性测试后结果依然存在。进一步研究发现,媒体特征存在增量影响,当报道由中央媒体、纸质媒体和证监会指定的"七报一刊"发布时,负面报道对IPO进程的影响更大。发审委联系削弱了负面报道的治理作用,而审核期间IPO公司的竞争程度和2012年预披露制度的改革增强了负面报道的治理作用。虽然负面报道延缓了IPO进程,但正面报道并未加快IPO进程。

Using the samples of companies that first submit IPO applications from 2006 to 2018,this paper studies the impact of negative media reports on the IPO process.The results show that the negative media reports significantly delay the IPO process,which was reflected in the reduction of the approval rate and the extension of the approval time.The conclusion is still existed after consider a series of robustness tests.Further study finds that there is an incremental impact of media characteristics.When reports are published by the central media,paper media and"seven newspapers and one journal"designated by the CSRC,negative reports had a greater impact on the IPO process.The relationship with the issuance examination committee weaken the governance role of negative reports,while the competition of IPO companies during the examination and the reform of the pre-disclosure system in 2012 enhance the governance role of negative reports.Although negative reports delay the IPO process,positive reports don’t accelerate it.