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本文以沪深A股的上市公司作为样本,考察了我国自《上市公司证券发行管理办法》颁布,实施新股发行市场化改革以来,媒体在上市公司股票增发活动中的作用,系统地研究了公司的媒体信息管理行为对于增发预案公告日前一阶段时间公司股价的影响。研究表明:上市公司在增发前夕会进行主动的媒体信息管理,在控制了其他因素后,进行公开增发的公司的媒体信息管理行为提高了公司股票的收益率。
This paper takes Shanghai and Shenzhen A-share listed companies as samples and examines the role of the media in the public offering of listed companies since the promulgation of the Administrative Measures on the Issuance of Listed Companies and the Implementation of the Market-oriented Reform of IPO, Of the media information management practices for the issuance of the announcement period before the announcement of the company’s share price impact. The research shows that listed companies will take the initiative to manage media information on the eve of the issuance of new shares. After controlling for other factors, the media information management of public offering companies will increase the yield of the company’s stock.