注册制下网络媒体信息对IPO定价效率的影响研究——以东方财富股吧论坛为例

Influence of Internet Media Information on IPO Pricing Efficiency under Registration System——Taking the East Money Stock Bar Forum as an Example

随着信息化脚步的加快,网络媒体信息对金融市场的资源配置产生重要影响。市场参与者利用网络媒体进行信息交流,进而影响决策行为。本文以股吧论坛为代表,研究其帖子量对IPO定价效率产生的影响,通过对论坛帖子量的度量进行建模回归,得出结论:注册制下股吧论坛发帖量的增加对IPO定价效率有显著提升作用;新闻媒体关注度对论坛发帖量的增加提高IPO定价效率有着促进作用;在ESG评级的调节作用下,论坛帖子量的增加对提高IPO定价效率的促进作用有所降低。

With the acceleration of informatization,online media information has an important impact on the resource allocation of financial markets.Market participants use online media to exchange information,which in turn affects decision-making behavior.This paper,taking the stock bar forum as a representative,studies the influence of its post volume on IPO pricing efficiency,and draws the conclusion that the increase of post volume in the stock bar forum under the registration system has a significant effect on IPO pricing efficiency;The attention of news media can promote the increase of forum posts and improve IPO pricing efficiency;Under the adjustment of ESG rating,the increase of forum posts has reduced the promotion of improving IPO pricing efficiency.