Research On The Impact Of Media Reports On The Quality Of IPO Information Disclosure

From the SSE Star Market in 2019 to Second-board Market in 2020,the scale of IPO in the form of registration system has occupied nearly 70% of the new stock market,and the registration system has become the main theme of the A-share market.However,there are also exiting of false disclosure situations in the newly listed enterprises of science and technology innovation Edition: "Lianying laser" prospectus is full of loopholes,"Kaisai biological" report good news but not bad news,"Hang Ya technology" information disclosure is inconsistent and so on.In the process of IPO information disclosure,the main reason for the repeated false disclosure is that investors can not obtain the complete information of the issuer.In view of this kind of information asymmetry,the regulatory authorities have constantly stressed the importance of information disclosure and introduced a series of regulatory measures for information disclosure.However,from the past cases,the regulatory authorities are usually result oriented,which is to punish the issuers with false IPO information disclosure,and lack of guidance and education for the issuers.This paper first constructs and solves a two-way evolutionary game model including issuers and regulators,and analyzes the internal mechanism of media coverage affecting the quality of IPO information disclosure through data simulation.Then,taking2015-2019 gem new listed companies as samples,this paper empirically studies the effect of media coverage on the quality of IPO information disclosure,and discusses different types of media coverage Whether there is consistency in the role of.The results show that: firstly,media reports can play an effective regulatory role in the quality of information disclosure of issuers;Then,further research finds that media reports play a more significant regulatory role in areas with high level of economic development.Based on this conclusion,this paper puts forward the following policy suggestions: first,encourage the media to fully obtain information and strengthen the tracking and mining of information;second,strengthen the construction of media credibility,establish and improve the reward and punishment mechanism for media reports,and strengthen external supervision;third,strengthen the treating the signals released by media reports.