Microblog publicity and IPO underpricing
Microblog publicity and IPO underpricing
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DOI：
10.1080/21697213.2023.2143691
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发表时间：
2022-11
影响因子：
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通讯作者：
Chao Dou;Xue Yang;Xuejin Bai;Rui Sun
中科院分区：
文献类型：
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作者：
Chao Dou;Xue Yang;Xuejin Bai;Rui Sun
摘要：基于市场上众多社交媒体宣传案例，以IPO公司为样本，实证检验了微博宣传对市场效率的损害。研究结果显示,在IPO公示期间发布微博的公司IPO抑价较高,且微博数量越多、内容越丰富、微博在经营活动中所占比例越高,IPO抑价越高。这些关系在信息不对称程度越高、管理层更重视社交媒体的企业中越强。此外，IPO期间发布的微博主要影响投资者情绪，尤其是中小投资者的情绪。此外，微博公司的短期股市表现明显较差。本文为规范上市公司利用社交媒体的信息披露行为提供理论依据。
ABSTRACT Based on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher IPO underpricing, and the more the number of microblogs, the richer the content, the higher the proportion of microblogs in the operating activities, the higher the IPO underpricing. These relationships are stronger in the enterprises with higher degree of information asymmetry and management valuing social media more. Furthermore, microblogs posted during the IPO period mainly influence investor sentiment, especially small investors. In addition, the short-term stock market performance of the companies posting microblogs is significantly worse. This paper provides a theoretical basis for standardizing the information disclosure behavior of listed companies using social media.