Investor Attention,Risk Information Disclosure And IPO Over-raising Capital

Recently,regulatory and scholars have been pay attention to the IPO Over-raising Capital issues.Investors fanatical enthusiasm for investment is one of the important reasons for this problem.With the IPO registration system is about to fall,mature capital markets needs to high-quality information disclosure,especially the disclosure of risk information quality.High-quality information disclosure could effectively relieve the market information asymmetry.Therefore,this paper based on information asymmetry theory analyzes the relationship among Investor attention,Risk Information Disclosure and IPO Over-raising Capital,which aim to explain IPO Over-raising Capital and propose the methods.Using data from 2010 to 2015 of 447 shares that issue on the Growth Enterprise Market,this paper build IPO Risk Disclosure mass index by a custom score and base on the segmentation of investor attention to test the reason of the IPO Over-raising Capital.The empirical result indicates that both the attention of public investors and the attention of institutional investors are positively correlated with IPO Over-raising.This means that investor attention caused IPO Over-raising.Furthermore,it shows that institutional investors are irrational and have not play a role in stabilizing the market in recently.After the introduction of the interaction term investor attention and IPO Risk Disclosure,this paper found that IPO Risk Disclosure could ease IPO over-subscribed.This suggests that High-quality information disclosure could ease the situation of information asymmetry.