招股说明书负面语调与IPO表现

Negative Tone of Prospectus and IPO Performance

通过构建中文财经情感词典,利用文本分析方法对招股说明书负面语调进行量化,并在此基础上实证分析招股说明书负面语调与IPO首日回报及IPO长期表现之间的可能关联。结果发现:招股说明书负面语调与IPO首日回报率之间呈显著的正相关关系;而在IPO长期表现方面,招股说明书的负面语调越强,则公司上市后投资者长期持有股票获得超额回报率的可能性越小。研究结论表明:招股说明书的负面语调有较高的有效信息含量,其量化结果对IPO首日回报及IPO长期表现有一定的解释能力。

Using the method of textual analysis,the relationship is investigated among IPO first-day return,post-IPO long-run performance,and negative tone of prospectus,which is measured by using the Chinese Financial Sentiment Dictionary first constructed in this paper.The findings suggest that the negative tone of prospectus is positively related to IPO first-day return.The empirical results also show that the negative tone is inversely related to post-IPO long-run performance.It is concluded that the negative tone contained in an IPO's prospectus is able to offer useful information and help to predict IPO first-day return and post-IPO long-run performance.