CAJ | 학술논문

以2009年至2012年在深圳中小板上市的193家公司为研究对象，从媒体关注和媒体监督两个维度考察了媒体报道对公司IPO融资效率的影响。研究发现，媒体关注与公司IPO融资效率具有显著的负相关关系，媒体关注越多，公司IPO融资效率越低；媒体监督则与IPO融资效率具有显著的正相关关系，媒体监督可以有效提高公司IPO融资效率。实证结果表明，在中国投机氛围浓厚的典型弱有效市场背景下，媒体通过负面报道发挥的监督作用有助于公司IPO融资效率的提高。
이2009년지2012년재심수중소판상시적193가공사위연구대상，종매체관주화매체감독량개유도고찰료매체보도대공사IPO융자효솔적영향。연구발현，매체관주여공사IPO융자효솔구유현저적부상관관계，매체관주월다，공사IPO융자효솔월저；매체감독칙여IPO융자효솔구유현저적정상관관계，매체감독가이유효제고공사IPO융자효솔。실증결과표명，재중국투궤분위농후적전형약유효시장배경하，매체통과부면보도발휘적감독작용유조우공사IPO융자효솔적제고。
Using the data from 2009-2012 of 193 companies listed in the small board of Shenzhen, the paper examines the relationship between media reporting and IPO financing efficiency from the two di- mensions of media coverage and media supervision. The empirical results show that： The media cover- age is negatively correlated with the company＇s IPO financing efficiency, Media coverage reduces the company＇s IPO financing efficiency; however, Media monitoring has a positively relationship with IPO financing efficiency significantly, and media monitoring improves IPO financing efficiency; From the empirical results, in the speculative atmosphere of the typical weak efficient market context of China, the media played supervisory role through negative reporting will help improve efficiency.