| IPO underpricing,that is,when the initial public offering of new shares,the issue price in the primary market is lower than the initial transaction price in the secondary market after listing,can be understood as the issue of new shares at a discount.A high IPO underpricing rate will affect the capital allocation and stability of a country's capital market.Therefore,the research on IPO underpricing has been ongoing.With the rise of behavioral finance,scholars have linked investor attention based on behavioral finance theory to IPO underpricing.With the rapid development of the Internet,the online forum has gradually become the most important place for investors to obtain information,and the online forum has also become the most popular communication platform for investors.This article selects the number of post views as the proxy variable of investor attention from the most popular and most representative online forum in my country,Oriental Fortune Stock Bar,to analyze its relationship with IPO underpricing.This article refers to relevant literature at home and abroad from the perspectives of IPO underpricing research theory,investor attention,and online forum information,recognizing that online forum information is not only noise but also affects the stock market,and uses these conclusions as the theoretical basis For further research.Combined with the characteristics of my country's stock market,this article selects 120 stocks listed on the Main Board,SME Board and GEM as the sample from January 1,2019 to December 31,2019.The number of post views of the stock bar is selected as the proxy variable of investor attention,and seven control variables such as the winning rate,market sentiment,and issue price are selected from multiple perspectives.In different sectors,the influence of investor attention on IPO underpricing is different,and the multiplication of the virtual variables of the sector and investor attention is added to the multiple linear regression model.In addition,based on the time characteristics of posting of posts,two sets of data were selected for post-purchase post-page views and post-marketing post-page views for empirical research.Through empirical analysis,the following conclusions are drawn: there is a significant positive correlation between investor attention and post-IPO underpricing in the seven days before the subscription of new shares as the proxy variable,and investor attention and underpricing in the seven days before the listing as the proxy variable There is no significant correlation.Listing on the SME Board and GEM will weaken the positive impact of investor attention on IPO underpricing;listing on the Main Board will enhance the positive impact of investor attention on IPO underpricing,confirming the obvious adjustment effect of plate variables.Finally,according to the conclusions of this article,from the perspective of cultivating the rational awareness and professional skills of retail investors,improving the disclosure and management system of information of listed companies,restricting investors' comments,strengthening and perfecting market supervision,and gradually promoting the market-oriented reform of the IPO system,etc.To put forward suggestions,I hope that China's IPO underpricing can be improved,and China's stock market can develop healthily. |
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