投资者网络舆论关注对MD&A语调操纵的影响研究
Research on the Influence of Internet Public Opinion Concerns of Investors on MD&A Tone Management
张玉明 1张馨月 1李双1
作者信息
摘要
以2010～2021年中国A股上市公司为研究样本,探究网络舆论关注对企业管理层讨论与分析语调操纵行为的影响.研究发现,投资者网络舆论关注和管理层讨论与分析语调操纵行为显著正相关,二者之间的关系符合市场压力假说,而非有效监督假说.进一步发现,当企业盈余管理操纵空间越小、企业业绩压力越大和越需要进行形象管理时,管理层通过语调操纵迎合投资者网络舆论关注的行为越严重;语调操纵行为会加剧企业股票崩盘风险,降低企业价值;企业内部控制质量和机构投资者持股能缓解管理层通过语调操纵迎合投资者关注的行为.
Abstract
Taking the A-share listed companies in China from 2010 to 2021 as the research sam-ple,this study explores the influence of online public opinion on the tone management behavior of management discussion and analysis.The results show a significant positive correlation between in-vestors'online public opinion attention and tone management behavior of management's discussion and analysis.The relationship between the two conforms to the market pressure hypothesis rather than the effective supervision hypothesis.It is further found that when enterprises are faced with less room for earnings management manipulation,more pressure on corporate performance,and more need for image management,the more serious the behavior of enterprises catering to network public opinion through tone management is.Tone management behavior can improve the stock price crash risk and reduce the value of the enterprise.However,superb internal control quality and institutional inves-tors'shareholding can ease the management's behavior of catering to investors'concerns through tone manipulation.
关键词
网络舆论/管理层讨论与分析/语调操纵/市场压力Key words
network public opinion/management discussion and analysis/intonation manipula-tion/market pressure引用本文复制引用
基金项目
国家社会科学基金重大项目(21&ZD129)
出版年
2024
NETL
NSTL
万方数据