摘要
以2010—2021年中国A股上市公司为研究对象,探讨中小股东群体负面情绪对管理层讨论与分析(MD&A)语调管理的影响。研究发现,中小股东群体负面情绪促进了管理层向上管理MD&A语调。其影响路径为,中小股东在股吧上发表负面评论引起股市波动,增加了企业经营风险,从而驱使管理层利用MD&A积极语调来向外界传达企业经营状况良好的信号,借以安抚中小股东负面情绪。进一步分析发现,投资者互动和外部媒体关注具有“扩音器”效应,增加信息传染风险,使得中小股东群体负面情绪对MD&A积极语调管理的驱动效应更加明显。提高信息透明度、提升公司治理水平和完善外部制度则能有效抑制管理层机会主义行为,减少MD&A积极语调操纵。
In conventional corporate governance structures,minority shareholders often passively play the role of“silent lambs”or“vote with their feet”to deal with the dilemma of discourse power.However,with the development of the Internet,the emergence of social media has provided a new platform for minority shareholders to speak out and achieve equal dialogue with listed companies.Based on the data of A-share listed companies in China from 2010 to 2021,this paper uses the post information of investors on Eastmoney to study the impact of minority shareholders'negative sentiment on MD&A tone management.The results show that minority shareholders'negative sentiment have a“driving effect”on MD&A tone management.The mechanism analysis shows that minority shareholders'negative sentiment on social media may trigger stock market fluctuations and increase business risks.This drives companies to use MD&A positive tone management to reduce investors'negative emotions,thereby achieving the goal of stabilizing stock prices and avoiding business risks.The heterogeneity analysis of“information transmission risk”shows that the more investor interaction and media attention a company receives,the higher the risk of negative information contagion.In companies with greater investor interaction and higher levels of attention from online or print media,the“driving effect”of minority shareholders'negative sentiment on MD&A tone management is more pronounced.Regulatory mechanism tests reveal that enhancing information transparency,internal corporate governance level,and external institutional quality help supervise and mitigate opportunistic behavior by management,thereby suppressing the“driving effect”of minority shareholders'negative sentiment.The possible contributions of this paper are as follows.Firstly,it expands the research perspective on negative emotions of minority shareholders.Existing research suggests that emotional statements of minority shareholders on social media can trigger punishment and regulatory mechanisms in the capital market,thus improving reliability of accounting information.This paper,from the perspective of text intonation,finds that minority shareholders'negative sentiment has a driving effect on MD&A tone management.Secondly,it enriches research on MD&A tone management.There have been studies on its influencing factors from aspects of external regulation,company strategy,and executive characteristics.However,this paper explores the impact of investor sentiment on MD&A tone management.Thirdly,this paper studies the transmission path of minority shareholders'negative sentiment on MD&A tone management,and distinguishes the heterogeneity of positive MD&A tone management in different contexts,providing partial incremental information for improving investors'information interpretation ability and making rational decisions.Fourthly,this paper finds that enhancing information transparency,internal corporate governance level,and external institutional has a governance effect on MD&A intonation management behavior.This provides reference for strengthening the supervision of text information disclosure and improving the efficiency of capital market information transmission in China.
作者
刘建秋
徐雨露
LIU Jianqiu;XU Yulu(Hunan University of Technology and Business,Changsha 410205)
出处
《首都经济贸易大学学报》
CSSCI
北大核心
2024年第2期98-112,共15页
Journal of Capital University of Economics and Business
基金
湖南省社会科学基金重点项目“企业社会责任报告语调披露的决策机理、市场效应及治理研究”(23ZDB053)。
关键词
中小股东情绪
MD&A语调
驱动效应
信息传染风险
股吧
minority shareholders'sentiment
MD&A tone
driving effect
information transmission risk
stock forum
作者简介
刘建秋(1972—),男,湖南工商大学会计学院教授;徐雨露(1998—),女,湖南工商大学会计学院硕士研究生。
