媒体关注度对新股表现的影响——来自中国股票市场的证据

The Impact of Media Attention to the Performance of New Shares——Evidence from China’s Stock Market

新闻媒体对证券投资的影响日趋重要,它会通过影响投资者的心理和行为而影响资产价格。首次公开发行的股票(IPOs)由于倍受媒体关注,从而会在上市以后的价格表现上产生一定的影响。本文选取2006年6月至2008年6月上市的246只首次公开发行的股票作为样本,以百度新闻搜索到包含股票名称的新闻数量作为媒体关注度的衡量指标,实证检验了媒体关注度对新股表现的影响。本文得出结论:媒体关注度通过影响投资者情绪,对新股短期累积超额收益产生正的影响,而对长期累积超额收益产生负的影响。同时发现,媒体关注度高的新股,其发行价格也相对较高。

Nowadays the role of news media is more and more important in securities investment activities.It affects the assets＇ prices through influencing investors＇ psychologies and behaviors.Because initial public offerings（IPOs） are paid much more attention by news media,news media would exert an influence on the performance of IPOs after going public.This paper chooses the IPOs which listing during June 2006 to June 2008 as our samples.The total amount of our samples is 246.We use the number of news containing the name of the stock which are searched and counted from ＂Baidu news ＂ to represent the media attention.This paper empirically researches the impact of media attention to the performance of new shares.The results indicate that the media attention influence investor sentiment,and is positive to short-term cumulative abnormal returns but negative to long-term cumulative abnormal returns.Also,we find the higher the media attention,the higher the issue price.