Abstract: Because of its fast spreading speed and wide coverage, network media has a great influence on the information dissemination of new stocks. People can quickly dig out most of the information about new stocks to be listed through the Internet. Therefore, Internet media has a natural advantage in eliminating information asymmetry. In China’s stock market, under normal circumstances, small and medium-sized investors are not qualified to conduct research on listed companies, but they can grasp the basic situation of listed companies through relevant information such as the prospectus or the published financial statements of the companies, and check the financial status of the companies that want to enter the market. Therefore, the fundamental status of new stocks is an important reason for investors to decide whether to invest or not. After the announcement of the IPO prospectus, a large number of investors will express their views on the IPO through online forums, microblogs, and WeChat. This paper intends to investigate the correlation between the stock market information disseminated by investors on the Internet and the indicators in the stock fundamentals, and reveal the internal relationship between the network communication and the fundamentals of new stocks, by studying the correlation between the relevant indicators in the stock fundamentals and the network communication data.

Key words: information dissemination, network media, investor behavior, new stock issuance

摘要： 网络媒介由于其传播速度既快，覆盖面又广，对于新股的信息传播具有很大的影响力。人们可以通过网络媒介迅速挖掘出准备上市新股的大部分信息，因此，在消除信息不对称的方面，网络媒介有着天然的优势。在中国证券市场中，一般情况下，中小投资者是无条件对上市公司进行调研的，但可以通过招股书或公司公布的财务报表等相关信息掌握上市公司的基本情况，对要入市公司的财务状况和经营状况进行了解。所以新股的基本面状况，是投资者作为投资与否的一个重要原因。在新股招股书公布后，会有大量的投资者通过网络论坛、微博、微信等形式表达对新股的观点。通过股票基本面中的相关指标和网络传播数据的相关性，考察投资者在网络中传播的股市信息和股票基本面中各指标的关联情况，揭示网络传播与新股基本面的内在关系。

关键词: 信息传播, 网络媒介, 投资者行为, 新股发行