机构与个体投资者情绪对IPO抑价影响研究——基于微信文本挖掘

Research on the Influence of Institutional and Individual Investor Sentiment on IPO Underpricing

以2015年1月1日至2017年10月31日在深沪主板上市的IPO公司为研究对象,采用网络爬虫技术从微信文本中挖掘机构和个体投资者情绪数据,研究不同类型投资者情绪对IPO抑价的影响,结果表明:机构投资者积极情绪对IPO抑价产生显著正向影响,个体投资者积极情绪对其影响不显著;机构投资者积极情绪对IPO抑价的影响比个体更显著;机构和个体投资者消极情绪对IPO抑价都无显著影响;机构投资者积极情绪对低承销商声誉公司IPO抑价的影响比对高承销商声誉公司更显著。

This article takes the IPO company listed on Shanghai and Shenzhen motherboards from January 1,2015 to October 31,2017 as the research object,uses the web crawler technology to dig out the institutional and individual investor sentiment data from the WeChat texts,and studies the influence of different types of investor sentiment on IPO underpricing.The results show that the institutional investors"positive sentiment has a significant positive impact on IPO underpricing,while the individual investors'positive sentiment has no significant effect on it;the institutional investors"positive sentiment is more influential than individual;the negative sentiments of institutional and individual investors have no significant effect on IPO underpricing;the institutional investors"positive sentiment has a more significant impact on the IPO underpricing of low underwriter reputation companies than the high underwriter reputation companies.