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

摘要： 在证券市场迈向高质量发展的今天，随着信息时代的到来和各类形式网络平台的出现，由科学技术的革命带来了信息传播的革命。投资者可以利用网络媒介特点进行信息的互换和交流，同时对投资者的投资判断和投资行为产生影响，最后影响整个证券市场的系统效率和运行环境。通过对不同类别的的网络媒介（包括论坛、微博、微信）传播的信息以及与之有关联的新股抑价之间做模型分析，目标是验证在传播渠道变化中，新股抑价是否因此加剧或受到抑制。在接近真实环境的情况下揭示网络传播与新股表现的深层关系。

关键词: 媒介传播, 网络媒介, 投资者行为, 新股发行, IPO抑价