摘要
本文借助文本分析技术,以2008~2017年我国A股民营上市公司年度报告为研究样本,考察政治关联与管理层语调操纵之间的关系,实证结果表明:政治关联与管理层语调操纵之间的关系显著为正,即政治关联类民营企业进行语调操纵的可能性更高;进一步分析表明,对于资源效应较强、媒体关注较高以及诉讼风险较高的民营企业,政治关联与管理层语调操纵之间的正相关关系更显著,并且政治关联类民营企业的管理层语调操纵与股票增发显著正相关,但与公司未来经营业绩无显著关系。本文不仅丰富了文本信息披露方面的文献,还有助于信息使用者更加合理地利用年报文本信息进行决策。
Based on the data of private listed companies in Shanghai and Shenzhen Stock Exchanges from 2008 to 2017,this paper explores the influence of political connection of executives on tone management of annual reports.The empirical results show that the relationship between political connection and tone management of annual reports is significantly positive.Further analysis shows that the positive correlation between political connection and tone management is more significant in the group with stronger resource effect,higher media attention and litigation risk,and the tone management has no significant correlation with the company′s future business performance,but is significantly positive correlated with secondary offerings.This paper not only enriches the literature on text information disclosure,but also helps investors make more rational decisions.
作者
贺康
万丽梅
HE Kang;WAN Limei(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China;China Institute of Finance and Capital Markets,Beijing 100032,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2020年第5期17-27,158,159,共13页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金青年项目“基于货币政策动态演化的公司融资行为研究”(71702209)
国家社会科学基金青年项目“高管权力约束情景下国有企业党委治理功能实现路径与保障机制研究”(18CGL016)。
关键词
政治关联
管理层语调操纵
文本分析
信息披露
Political Connection
Tone Management
Text Analysis
Information Disclosure
作者简介
贺康(1989—),男,四川内江人,西南财经大学会计学院博士生;万丽梅(1986—),女,湖北孝感人,中证金融研究院副研究员,博士。
