中文摘要：

以2009-2012年在深圳中小板上市及同期未通过审批的公司为样本,研究了媒体监督在公司IPO过程中所发挥的投资者保护作用。结果发现：媒体监督对公司IPO审批、股票发行定价及IPO抑价均具有显著影响。媒体监督越强,公司IPO审批未通过的概率越高,股票发行定价和IPO抑价越低。进一步研究发现,媒体对公司的负面报道并非空穴来风,而是具有信息含量的。实证结果表明,媒体监督通过触发外部行政监管部门的审查机制、IPO定价机制及资本市场的惩戒机制等实现对投资者权益的保护。

英文摘要：

Using the data from 2009-2012 of the Small and Medium-sized companies listed in Shenzhen and not approved to list, the paper studies the media supervision＇s role of investor protection during the company IPO process. The paper finds media supervision has a significant impact on company IPO approval, the stock offering price and the IPO underpricing, and the stronger the media supervision, the higher probability of not past the approval, the lower the stock offering price and IPO underpricing. Further studies show that the negative media coverage is not groundless, but has information content. The empirical results indicate that the media achieve the role of investor protection through triggering an external monitoring mechanism, the internal decision-making mechanism and punishment mechanism of capital markets and so on.