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IPO市场一直是媒体关注的焦点。本文研究媒体在拟IPO公司上市过程中扮演了什么样的角色、以及对IPO公司的报道是公正公允还是有失偏颇。文中以788家2009年至2012年上市的企业为样本,实证验证了负面新闻与企业IPO后业绩反转不相关,否定了受到负面报道的IPO企业业绩质量更差的观点。
IPO market has always been the focus of the media. This article investigates the role of the media in the IPO of a listed company and the fair and impartial reporting of the IPO company. The article takes 788 enterprises listed from 2009 to 2012 as samples, and empirically verifies that the negative news is irrelevant to the performance reversal after the IPO and negates the view that the performance of the negatively reported IPO enterprise is worse.