摘要
本文将年报语调的积极程度视作投资者接收的公开信息,将年报语调的真实程度视作管理层持有的私有信息,在信息经济学的理论框架中同时分析信息供求双方对年报语调的传递和处理行为,深入探讨年报语调对股价崩盘风险的影响机理与相关关系。整体而言,年报语调的积极程度对年报披露后的崩盘风险没有显著影响。然而在考虑了语调的真实程度之后,当真实程度低时,语调越积极,年报公布后的崩盘风险越大,这说明过于积极的语调可能是管理层进行印象管理的结果,并非是对公司前景的看好。另一方面,当语调真实程度较高时,语调与崩盘风险之间的正相关关系会受到明显抑制。
We consider the optimism of tone as the construct of public information received by investors,and the truthfulness of tone as the construct of private information held by the management,respectively.We find that,overall,the optimism of tone in the annual report has no significant impact on stock crash risk in the following year after the release of the annual report.However,after taking the truthfulness of tone into account,we find that when the tone is not true,the stock crash risk in the following year will increase if tone becomes more optimistic,indicating that an overly positive tone is likely to be the result of management hiding some bad news or releasing false good news for their self-interest.On the other hand,when the tone in annual reports is true,the positive correlation between tone and crash risk will be significantly suppressed,indicating that positive language expresses managers’real thoughts,without bad intention.
出处
《会计研究》
CSSCI
北大核心
2019年第11期41-48,共8页
Accounting Research
基金
国家自然科学基金项目(71372039、71632006、71402089)的阶段性成果
教育部人文社科重点研究基地重大项目(15JJD630007)
高等学校学科创新引智计划(B18033)
上海财经大学中央高校基本科研业务费专项资金资助.
关键词
年报
语调管理
崩盘风险
信息不对称
Annual Report
Tone Management
Stock Crash Risk
Information Asymmetry
