媒体寻租、投资者情绪与IPO抑价

Media Rent-seeking,Investor Sentiment and IPO Underpricing

以2009年7月至2017年12月IPO公司为样本,考察媒体寻租和投资者情绪对IPO抑价的影响,研究发现:投资者情绪高涨会促进IPO抑价;媒体寻租会加剧投资者情绪对IPO抑价的促进作用,在投资者对整个资本市场的情绪低落时,媒体寻租的这种加剧作用更大。可能的原因在于:媒体寻租会导致过度自信投资者对自有信息准确性的高估程度加大;媒体寻租会扭曲历史信息,使得存在后视镜偏见的投资者做出更加失当的判断,进而导致新股价值进一步被高估。在利用倾向得分匹配法(PSM)弱化内生性问题以及替换媒体寻租测度指标进行稳健性检验后,所得研究结论依然成立。

Taking IPO companies from July 2009 to December 2017 as samples,this paper investigates the impact of media rent-seeking and investor sentiment on IPO underpricing. The study finds that high investor sentiment will encourage IPO underpricing;media rent-seeking will promote the IPO underpricing by intensifying investor sentiment;this exacerbation of media rent-seeking is more powerful when investors are depressed about the overall capital market. The possible reason is that media rent-seeking will make over-confident investors overestimate the accuracy of their own information. What’s worse,media rent-seeking will distort historical information and make investors with rear-view mirror bias make more improper judgments,which will lead to further overvaluation of new stock prices. After using the PSM method to weaken the endogenous problem and replace the media rent-seeking index to test the robustness,the research conclusions obtained are still valid.