| Internet leads to the arrival of the era of media information trend,especially the rapid replacement of traditional signal media by network media,which has become the main source of information in the current capital market.The IPO market in China has the problem of low pre IPO exposure,and the financial market participants have a strong desire for information,so the network media plays an unshakable role in the function of information transmission.In the capital market,the problem of investors' attention tendency and energy to obtain information,the emergence of network media reports can better guide the change of investors' attention and investment behavior in the capital market,and affect the IPO pricing efficiency by affecting investors' resource allocation behavior.Therefore,in the era of data and information led by Internet media,the attention and emotion of media play a crucial role in the asset price change in China's capital market,and the behavior of investors also affects the IPO pricing under the guidance of Internet media,exploring the influence of Internet media on the attention behavior of investors and thus the IPO pricing efficiency,and promoting the market-oriented reform of inquiry system in China,It is of great significance to allocate resources efficiently,develop capital market healthily,perfect financial supervision system and improve the interests of investors and IPO companies.Since the start of the GEM market,there has been a phenomenon of high IPO underpricing.In order to explore and find out the root cause of IPO underpricing in detail and provide a method basis for subsequent solutions,this paper studies the factors that influence IPO pricing efficiency through online media reports and the ways to influence it.This paper analyzes the basic concepts and problems through literature review,and focuses on the logic of this research topic The relationship is summarized in three aspects:media report and asset price theory,media report and investor behavior theory,and investor behavior and asset price theory.In this paper,the IPO pricing model is established to initially deduce the relationship between Internet media and IPO pricing efficiency,and to model and analyze from the perspective of institutional investors and individual investors.It is found that institutional investors focus on playing a major intermediary role in their micro mechanism,which is because only institutional investors in China have the power to price IPOs.It is found that the obvious positive reporting tendency of the Internet media in China will not cause the change of IPO pricing efficiency,which shows that IPO companies can not reduce the impact of negative news by bribing the media.The empirical part is listed on the growth enterprise market from January 2014 to November 2019,and the specific quotation on the Internet is disclosed Taking IPO companies as samples and news search of major online platforms from the day before listing to the month before listing as the source of online media news data,this paper empirically tests the impact of online media coverage and reporting tendency on IPO offering price,and introduces institutional investors and individual investors to further explore the role of their attention behavior in the whole process of impact.Taking Baidu news media reports as the data source,this paper studies the impact of Internet media reports on IPO pricing efficiency;secondly,it explores the impact of IPO listing,and studies the pricing efficiency of the day when the price limit board is opened and the average pricing efficiency within one month after IPO listing in different periods;secondly,it establishes an OLS model,from the intensity(length,quantity)of Internet media reports to the keynote and reporting tendency This paper introduces the influence of institutional investors and individual investors in the process of IPO pricing efficiency.The results of this study have certain reference value for urging the standardization of Internet media,strengthening the supervision of capital market and guiding the behavior of investors correctly.The innovation of this paper lies in that it attempts to explore the path of investors' attention,study the internal mechanism of the influence of Internet media on IPO pricing efficiency from the perspectives of institutional investors and individual investors,and further divide the Internet media reports into three parts:the length of Internet media reports,the tone and tendency of Internet media reports,so as to further explore the impact of Internet media on IPO pricing efficiency And deeply understand the mechanism of investors' attention.And can establish IPO pricing model based on the special inquiry system of our country. |
