管理层异常语调与股票价格延迟——基于中国上市公司业绩说明会的文本分析
Managers'Abnormal Tone and Stock Price Delay—A Textual Analysis Based on Earnings Communication Conferences of Chinese Listed Companies
黄晓迪 1曾燕 2戴芸2
作者信息
- 1. 中国社会科学院大学应用经济学院,北京 102488
- 2. 中山大学岭南学院,广州 510220
- 折叠
摘要
上市公司的业绩说明会能够实现管理层与投资者之间的实时互动,其管理层语调更可能"真情实感"地反映企业的真实信息,从而有助于提高股票市场的定价效率.本文基于 2008-2020 年中国 A股上市公司业绩说明会的文本分析,研究了业绩说明会语调中,由管理层自主把控、战略决策的异常语调对股票价格延迟的影响.研究发现,业绩说明会管理层异常语调与上市公司股票价格延迟显著负相关.机制分析发现,一方面,业绩说明会管理层异常语调能够显著预测公司未来业绩,说明其通过具有信息增量的信号传递机制影响了股价延迟;另一方面,异常语调还与公司信息透明度和媒体关注度均显著正相关,说明其通过改善公司内外部治理环境的公司治理机制影响了股价延迟.此外,在盈余管理水平较高、分析师跟踪较少、被研报关注度较低和民营性质的公司子样本中,异常语调与股票价格延迟的负相关关系更加显著.上述结果表明,业绩说明会的管理层异常语调具有量化业绩信息以外的增量信息,能够提高新信息被吸收、融入进股票价格的速度,缓解股票价格延迟.这些研究发现对提升股票市场定价效率、缓解市场信息不对称和促进我国上市公司高质量的信息披露具有重要启示.
Abstract
Earnings communication conferences of Chinese listed companies can re-alize real-time interaction between managers and investors,therefore,the managers'tone is more likely to reflect the true information of the company in a realistic way,improving the efficiency of stock market pricing.This paper explores the impact of managers'abnormal tone at earnings communication conferences on stock price delay,based on the text analysis of Chinese A-share listed companies from 2008 to 2020.The results show that managers'abnormal tone at earnings communication conferences significantly and negatively impacts stock price delays of listed compa-nies.Mechanism analysis finds that on the one hand,managers'abnormal tone at earnings communication conferences significantly predicts future firm performance,suggesting that stock price delay is influenced through the signaling mechanism with incremental information content;on the other hand,abnormal tone also significantly and positively relates both company information transparency and media coverage,suggesting that the corporate governance mechanism plays the role through improving the company's internal and external governance environment.In addition,the neg-ative relationship between abnormal tone and stock price delay is more pronounced in firms with higher levels of earnings management,fewer analysts following,less at-tention by research reports and private firms.The above results suggest that the managemers'abnormal tone at earnings communication conferences has incremental information content,which can increase the speed of new information absorption and integration into the stock price and alleviate the stock price delay.These findings have important implications for improving stock market pricing efficiency,alleviating market information asymmetry,and promoting high-quality information disclosure of China's listed companies.
关键词
业绩说明会/异常语调/股票价格延迟/文本分析Key words
earnings communication conferences/abnormal tone/stock price delay/textual analysis引用本文复制引用
基金项目
国家自然科学基金创新研究群体项目(71721001)
国家自然科学基金(72372163)
广东省自然科学基金(2022A1515011472)
广东省哲学社会科学规划项目(GD22CYJ17)
中国社会科学院青年人文社会科学研究中心社会调研项目(2024QNZX016)
出版年
2024
NETL
NSTL
万方数据