In this paper,Management's Discussion and Analysis intonation and insider reduction are regarded as the language and behavior transmitted by enterprises to the market to test whether insiders will take the opportunity to reduce their holdings by observing MD&A intonation and out of self-interest motivation.Based on the sample of China's A-share listed companies from 2012 to 2021,we find that there is a positive relationship between the positive degree of MD&A tone and the scale of insider reduction,that is,there is a phenomenon of"inconsistency between words and deeds".Further research shows that the motivation of insider's reduction shows obvious opportunity egoism motivation.When the insider predicts that the market will have a bad reaction after the disclosure of the annual report,he is more likely to modify the MD&A intonation positively and take the opportunity to reduce his holdings to gain profits.At the same time,insiders are more likely to reduce their holdings on a smaller scale when the speculative atmosphere is strong in areas with low information transparency and the enterprises are in recession.To sum up,there is MD&A information control behavior in China's listing,regulators should do a good job of prior supervision and strengthen supervision;Enterprises should disclose their own text information;External investors should treat the tendency of listing information disclosure carefully and make the best investment strategy.
关键词
管理层讨论与分析/内部人减持/文本语调/信息不对称
Key words
management's discussion and analysis/insider reduction/text intonation/information asymmetry
维普
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