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媒体的治理效应一直是国内外研究的热点问题。基于经济人寻租的视角,本文以2007-2012年的A股IPO公司为样本,实证考察了媒体在我国IPO市场中监督作用的发挥。研究发现:(1)发行公司的寻租行为明显增加了正面报道量、减少了负面报道量进而增强了媒体有利报道倾向;(2)业绩不佳的公司寻租增加了正面报道量,而业绩较好的公司寻租则减少了负面报道量,媒体对国企的寻租活动存在明显的正面报道偏好;(3)媒体正面报道越多,IPO后长期回报率越低、未来财务业绩越差、公司价值越低,可见媒体对上市公司的正面报道倾向并不意味着上市公司的高质量。研究结果表明,IPO市场中,作为外部监督机制的第三方媒体并未起到甄别上市公司质量、提高IPO市场资源配置效率的积极作用,媒体在IPO市场中并没有发挥有效的监督作用。
The governance effect of the media has always been a hot issue at home and abroad. Based on the economic rent-seeking perspective, this paper takes a sample of A-share IPO firms from 2007 to 2012 as a sample, and empirically examines the media’s supervisory role in China’s IPO market. The findings are as follows: (1) The rent-seeking behavior of issuing companies obviously increases the positive coverage, reduces the negative coverage and enhances the favorable media coverage; (2) the underperformance of the underperforming company increases the positive coverage while the performance Better corporate rent-seeking reduces the amount of negative coverage, and there is a clear positive media preference for rent-seeking activities of state-owned enterprises. (3) The more positive the media reports, the lower the long-term return after IPO and the poorer financial performance in the future. The lower the company value, showing that the positive media coverage of listed companies does not mean the high quality of listed companies. The results show that in the IPO market, the third-party media, as the external supervision mechanism, has not played a positive role in screening the quality of listed companies and improving the efficiency of resource allocation in the IPO market. The media did not play an effective supervisory role in the IPO market.