An Analysis Of The Effect Of Media Supervision In The IPO Earnings Forecast Correction

In recent years,in the A stock market,it is common to see the rapid performance changes of enterprises after listing.Even after the CSRC further strengthens the examination,some enterprises still commit crimes against the wind.It is no longer enough to rely only on the external supervision of the committee to deal with the current situation,and the employment relationship between the intermediary structure and the enterprises to be listed cannot maintain the absolute opposition,so more and more people place the expectation of external supervision on the media supervision.And media supervision has also been proved to affect the IPO process of enterprises,preventing the performance of IPO enterprises after listing face change behavior.Based on this,this paper takes hainan mining industry as the research object,and takes the skeptical reports published by the media before the IPO of hainan mining industry as the starting point to study the effect of media supervision on three functions in the whole process of the IPO performance transformation of hainan mining industry,namely,mining performance transformation information,transmitting performance transformation information,and restraining enterprise behavior.The first part of the case analysis of this paper firstly briefly introduces the basic situation of the case company hainan mining and its performance change event.Secondly,the paper analyzes the hainan mining IPO media reports before the public release of the challenge,from the authority of the media,the media focus on sustainability and media reports the information content of the three Angle analysis of the media as an external watchdog role and ability,confirmed that the media have enough expertise to support its face in hainan mining IPO performance play a substantial role in the process.Then,the paper analyzes the effect of media in the changing performance of hainan mining industry IPO.The media successfully predicted the changing performance of hainan mining industry by mining information,and effectively conveyed the changing performance information to investors.But the function of media supervision to restrain enterprise behavior fails in the event.Based on the conclusions of the above case analysis,this paper further analyzes the accuracy of media mining and transmitting information by using the data of hainan mining industry's declining performance after its listing,and emphatically analyzes the reasons for the failure of the constraint enterprise behavior function of media supervision,and explores the solutions.To sum up,this paper draws the following conclusions: first,the media can dig the performance of the IPO enterprises face information.There are two kinds of mining methods: analyzing the public information of enterprises and searching for non-public information.Media has the professional ability to analyze the financial information and non-financial information disclosed by enterprises,and can also analyze the public information with the help of experts to confirm their prediction of the performance of enterprises' IPO.The media also have more channels,people and resources to obtain non-public information to support their predictions,but the reliability of such information is insufficient at present.Second,the media can transmit the signal of performance change of IPO enterprises.The media has its own platform for delivering accurate coverage to investors.Analyze the reaction of investors to the negative corporate news through the breaking degree of new shares and the change of stock price.Third,the media's function of restricting corporate behavior cannot be properly performed.The restrictions of media on enterprises can be divided into direct restraint of enterprises through negative reports and indirect restraint of enterprises through intermediary structure and issuance committee.The failure of the function of directly restricting enterprises lies in the fact that the degree of media mining information is not enough to form a conclusion on whether the behaviors of enterprises are really illegal or not,and such predictive news will not bring too much influence to the enterprises in public opinion,so the behaviors of enterprises cannot be restrained.The indirect restraining effect of media is mainly to restrain the behavior of enterprises by indirectly influencing intermediary agencies and hair committee.However,in current laws,regulations and past cases,it is very difficult to determine the responsibility of intermediary agencies,and the role of media in promoting intermediary agencies to fulfill their responsibilities through reputation effect is weakened.The auxiliary role of media for the hair and review committee is also very limited.At present,the media can only point out the direction of investigation to hair and review committee through information mining,but it is not enough to influence hair and review committee to exercise power to restrain enterprise behavior.