上市公司IPO发审监管效率的研究：基于"关系"与"舆情"视角的分析

不同与西方市场的注册制，我国上市公司的股票发行还受到严格的政府监管。然而，就这一管制行为的效率而言，尚缺乏系统的考察。本课题基于我国IPO发审的管制背景，针对转型经济关系型社会和新闻媒体业特征，从公司自身和中介机构两个维度对拟上市公司社会关系网络进行了描述，并汇总整理了证监会预披露期间拟上市公司的新闻报道；在此基础上，进一步分析了社会关系和媒体报道对公司IPO审核的影响；最后，课题从上市后绩效角度考察了关系网络和新闻媒体对公司IPO发审的作用如何影响了资本市场的资源配置。课题研究将关系网络和媒体报道的考察拓展至公司上市领域，探讨了公司IPO过程中社会关系的重要作用及新闻媒体的监督功能，不仅增进了对转型经济下我国关系型社会的了解，也为认识新兴市场新闻媒体的角色扮演提供了证据，而且，课题研究有助于打开公司IPO发审的"黑箱"，评判现行上市管制政策的效率，并为今后上市公司遴选的制度设计提供参考。

Different from the registration system in the west countries, the IPO of listed companies is regulated in China. However, we know little about the efficiency of such regulation. Our study focuses on the relation-based society and the characteristics of media in the transitional economy. First, we plan to describe the social network of IPO applicants based on companies and intermediaries, and document the media reports about IPO applicants during the period of pre-disclosure. Second, we would examine how social network and media reports influence the passing rate of IPO scrutinazation. Finally, a straightforward question is whether this effect is related to resource allocation of capital market. We investigate this issue from the post-IPO performance of listed companies. Our analysis would extend the research of social network and media to the field of IPO, and explore the role of social connection and media monitoring in firms' IPO. It not only deepens our understanding of the relation-based society in the transitional economy, but also sheds light on the monitoring function of media in the emerging market. Further the research helps to uncover the process of firms' IPO, estimates the efficiency of IPO regulation in China and improves the IPO screening system in the future.