媒体情绪、框架依赖偏差与IPO异象——基于议程设置理论的研究视角

Media Sentiment,Framing Dependence Bias and IPO Anomalies:Based on the Perspective of Agenda Setting Theory

本文从新闻传播学议程设置理论的研究视角出发,将认知心理学中的框架依赖偏差纳入分析范畴,探讨媒体在IPO异象产生中所扮演的角色。实证研究发现,当新闻报道所传递的媒体情绪越乐观时,新股发行的抑价程度越大,而伴随其后的则是一个长期的价格纠正过程,体现为更为显著的长期弱市表现。进一步的研究还发现,当公司信息不对称程度越高时,投资者越容易对新闻报道产生框架依赖,从而加剧了媒体情绪对IPO异象的影响程度。本文研究表明对于金融市场的运转,财经媒体存在着原本被我们忽视的、负面的外部效应,对于我们要全面认识财经媒体的市场定位和社会角色,正确处理新闻报道与金融市场之间的关系具有重要的理论与现实意义。

Based on the perspective of journalism and communication, this paper combines the framing dependence bias of cog- nitive psychology with the agenda setting theory to discuss the role which the media plays in the IPO anomalies. Through applying text content analysis on the news before IPO companies list, this paper is the first to makes deep research on the relationship between media sentiment and IPO anomalies. The results show that the high media sentiment is positively associated with the initial IPO underpricing and the long-term underperformance of IPO shares price. The further evidence indicates that the more serious the information asymmetry of listed firms is, the more significant effects media sentiment has on IPO anoma- lies. This paper not only provides additional evidence that the financial media has a great influence on the financial market, but also proves that the financial media has negative external effects which have been ignored before.