Using the data from 2009-2012 of 193 companies listed in the small board of Shenzhen, the paper examines the relationship between media reporting and IPO financing efficiency from the two di-mensions of media coverage and media supervision. The empirical results show that:The media cover-age is negatively correlated with the company's IPO financing efficiency,Media coverage reduces the company's IPO financing efficiency; however,Media monitoring has a positively relationship with IPO financing efficiency significantly,and media monitoring improves IPO financing efficiency; From the empirical results, in the speculative atmosphere of the typical weak efficient market context of China, the media played supervisory role through negative reporting will help improve efficiency.%以2009年至2012年在深圳中小板上市的193家公司为研究对象，从媒体关注和媒体监督两个维度考察了媒体报道对公司IPO融资效率的影响。研究发现，媒体关注与公司IPO融资效率具有显著的负相关关系，媒体关注越多，公司IPO融资效率越低；媒体监督则与IPO融资效率具有显著的正相关关系，媒体监督可以有效提高公司IPO融资效率。实证结果表明，在中国投机氛围浓厚的典型弱有效市场背景下，媒体通过负面报道发挥的监督作用有助于公司IPO融资效率的提高。
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