| Modern media is the product of the rapid development information age in recent years.It can report social news and events in all aspects,disseminate information to a large number of information consumers in a timely and efficient manner,and quickly affect all aspects of people’s daily life.In the financial sector,the influence of the media is also constantly improving.The media’s information intermediary role is becoming more and more important in the capital market.Information dissemination expands the information acquisition of investors,reduces the cost of searching information and changes investors,the way in which the investment behavior of investor is determined,ultimately leading to stock price volatility.Based on the background of the information age,this paper further explores the market role of economic media.Based on the theory of finance and statistical software analysis tools,this paper studies the relationship between media attention and IPO underpricing pricing efficiency,and explains the high IPO underpricing vision in the capital market in the perspective of media attention.This paper selects 704 IPO companies in the Shanghai and Shenzhen A-share markets from January 1,2016 to December 31,2018 as sample data.The empirical analysis searches the impact of media attention on IPO pricing efficiency,and studies the path of mediation effects.In the theoretical stage,this paper first introduces the evolution of China’s IPO system,investor sentiment theory and mediation effect model.Then this paper empirically studies the impact of different types of media(traditional media and online media)on IPO pricing efficiency,and further analyzes the differences of different types of media(traditional media and network media)on IPO pricing efficiency and the interaction between the different types of media.On this basis,the communication path between media attention and IPO pricing efficiency is studied.The results of this paper show that media attention is significantly negatively correlated with IPO pricing efficiency,that is,the number of more media reports will increase the IPO underpricing rate.Further research found that the effect of traditional media attention on IPO underpricing rate is greater than that of online media,but online media reports will enhance the impact of traditional media on IPO underpricing.In addition,the paper also examines the mediating effect of investor sentiment.The results show that the mediation effect is significant,that is,media attention affects the pricing efficiency of IPOs by affecting investor sentiment.The possible innovations of this paper are as follows: Firstly,considering the different influence and communication methods of different types of media,the media is divided into network media and traditional media,the differences in the effects of different types of media on IPO pricing efficiency are studied.The mediation effect model confirms that the media’s attention affects the investor sentiment,then affects the IPO pricing efficiency,and provides empirical evidence for media reports on the internal mechanism of IPO pricing efficiency,which is conducive to enriching and improving the relevant research on media governance effects. |
