中文摘要：

借助百度新闻搜索获取的新闻报道数据,以新股发行为背景,研究媒体报道对询价机构参与行为的影响。研究发现,媒体报道能显著提高询价机构的参与热度,即媒体报道越多,询价机构的数量越多,对新股的需求量越大。另外,媒体报道减少了询价机构整体报价水平的偏离程度,使其更趋近于根据定价乘数模型得出的内在价值。同时,媒体报道并没有显著提高询价机构之间的意见分歧程度。研究结果表明,媒体在询价过程中主要起到信息中介及信息生产功能,增强了信息在询价机构间的扩散效果。

英文摘要：

The paper takes advantage of news report data extracted by Baidu News search to in- vestigate the influence of media coverage on the IPO participation behaviors of institutional investors under the background of IPO. The results show that media coverage can significantly improve the participation degree of institutional investors, that is, the more media coverage, the higher number of institutional investors and the greater the demand for new shares. In addition, media coverage re- duces the deviation degree of the overall quotation level of the institutional investors, and makes it closer to the intrinsic value calculated by price multiples model. Meanwhile, media coverage does not significantly improve the disagreement degree among institutional investors. The results of this research indicate that media mainly plays the role of information intermediary and information pro- duction in the inquiry process, which enhances information diffusion among institutional investors.