Internet Public Opinion Affect The IPO Underpricing Empirical Analysis

In the information age the increasing popularity of the network,the network of new media is already becoming a major information generation,dissemination intermediary,as many investors to obtain information critical channels.The cost of many investors is limited by their own capabilities as well as access to information is difficult to obtain information about specific stocks from newspapers,television and other traditional media,which,while China's Internet penetration rate has reached 50.03 percent by the end of 2015,therefore,the decision of investors vulnerable to stock market information network of professional media platform disturbed,and personal investment decisions after effects of an enlarged group will ultimately affect the stock market price.since GEM inception in 2009 as a whole begins accompanied by high IPO underpricing phenomenon,up 198.88 percent,while the lowest rate was-16.67%underpricing,which shows a large GEM market underpricing of volatility,and from industry statistics,construction average underpricing rate remains high,the big attraction for investors,after a few years the GEM overall underpricing although somewhat reduced,However,compared with 10%-30%underpricing developed financial markets are still a lot higher.As a representative of the new media,microblogging,paste it spread the content is an impact on IPO underpricing it?In this paper,Eastern wealth network shares it stocks,Sina microblogging new media represented by reptiles software,set positive and negative emotional text keywords and keyword expressions of stock shares it posts content,Twitter Posts Comments conduct public opinion monitoring,build public opinion divided index BSI,covering public opinion index MC,added to the stock investor sentiment proxy heat financial indicator variables TR,as well as a listed company,the listed features,market control variables,and accordingly from October 2010 to December 2015 the 358 listed companies on the first day IPO underpricing multiple regression analysis and mediating effect analysis.The study found that network coverage and public opinion GEM IPO underpricing significant positive correlation,the greater the degree of network public opinion covering stocks,investors concerned about the stronger,the higher the IPO underpricing;proxies for investor sentiment on the first day of turnover,coverage and public opinion GEM IPO underpricing significant positive correlation;public opinion through the network effect and the investment intermediary differences investor sentiment intermediary Effect IPO underpricing,and the presence of cross-impact,which is stronger than the effect of the investment intermediary differences Investor sentiment mediating effect.