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中文摘要：
越来越多的研究关注新闻媒体在资本市场的角色发挥，文章利用创业板公司上市这一事件，考察了媒体报道对公司IPO抑价的影响．研究发现，媒体报道显著提高了公司首发抑价，而且，即使媒体只是对公司进行中性报道，IPO抑价也与媒体报道数正相关，进一步的分析显示，“题材”公司的首发抑价更多地受媒体报道的影响；当市场处于上涨行情时，公司IPO抑价因媒体报道数的增加而提高．最后，分析表明，媒体报道仅短期内提高上市公司首发抑价，从IPO之后的长时期来看，媒体报道越多的公司，股价下跌越明显．
英文摘要：
The role of media coverage in the capital market has recently become a hot topic. This paper inves- tigates the impact of media coverage on IPO underpricing by focusing on GEM （ Growth Enterprise Markets）. It is found that media coverage increases IPO underpricing. This conclusion holds even for neutral news. That is, the media coverage of listed companies is positively associated with their underpricing on the IPO date. Further analysis shows that, 1 ） for companies in the spotlight, their IPO underpricing is more driven by media reports; 2） when the security market is soaring, media reports generate higher IPO underpricing. Finally, the analysis shows the effect of media coverage on IPO underpricing is temporary. For a long-term period after the IPO, the more media reports about the listed company, the more its stock prices drop.
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