关键词: 媒介传播, 网络媒介, 投资者行为, 新股发行, IPO抑价

Abstract: With the rapid development of the securities market today and with the advent of the information age and the emergence of various forms of network platforms, the revolution in science and technology has brought about a revolution in information dissemination.  Investors can use the characteristics of network media to exchange information, and at the same time have an impact on investors’ investment judgments and investment behaviors, and finally affect the system efficiency and operating environment of the entire securities market. Through a model analysis of the information disseminated by different types of network media (including forums, Weibo, and WeChat) and the related IPO underpricing, this paper aims to verify whether the IPO underpricing is intensified or restrained due to changes in communication channels, and to reveal the deep relationship between network communication and the performance of new stocks under the condition close to the real environment.

Key words: media communication, network media, investor behavior, new stock issuance, IPO underpricing