| With the wide application of information technology and the rapid development of network communication,the emergence of online media has become the leader of the era.In an environment where information is rapidly developing and the Internet is widely used,online media reports are flooding into the people’s field of vision with its characteristics of rapid dissemination,strong interaction,and large capacity.In the capital market,investors are limited in their ability and energy to obtain information,and in addition to newspapers,television,and online media,it is difficult for investors to obtain information about listed companies through other means.Therefore,in the online media environment,investors are more It is easy to obtain information through online media and make investment decisions based on this,which in turn affects the price of stock trading.In particular,IPO companies have low exposure,and investors have limited access to public information.They have to rely more on online media reports.However,the information is massive,and people’s perception is limited.The online media,while passing information about the IPO company,will also have an impact on investors’ judgments and behaviors,change investor decisions,and thus influence the price of IPO stocks.This in turn affects the efficiency of IPO pricing.Since China’s GEM market opened in 2009,there has been a phenomenon of low IPO pricing efficiency.In order to analyze this phenomenon more profoundly in order to look for promotion programs,we will investigate whether online media reports can influence the pricing of IPO pricing and how it affects This article first reviewed and combed relevant research at home and abroad,summed up and summed up the ideas of the scholars,combined with the characteristics of China’s IPO pricing efficiency,based on the theory of information economics and behavioral finance,using the long-term and short-term reports of Baidu News Media.As a source of data,254 new shares listed on the GEM between January 2014 and December 2017 were selected as samples.The impact of long-term and short-term online media reports on the pricing efficiency of IPOs was empirically examined.The study found that short-term and long-term networks The media reports have a significant negative correlation with the IPO pricing efficiency,confirming the theory of behavioral finance in the GEM,and then empirically studying the short-term online media coverage of the impact of IPO pricing efficiency,and finding that online media coverage is influenced by the investor’s emotional path.IPO pricing efficiency.This research result has certain reference value for supervising the regulation of online media,strengthening supervision of the capital market and correctly guiding investors’ behavior. |
