Based on the text analysis of the management discussion and analysis tone of China's Shanghai and Shenzhen A-share listed companies from 2015 to 2021,the analysis and induction method is adopted to study whether the management discussion and analysis tone will have an impact on the cost of corporate equity capital.The study found that the management discussion and analysis tone has a significant negative impact on corporate equity capital cost,especially on growth enterprises with short listing years.Media attention weakens the negative impact of the tone of management discussion and analysis on the cost of corporate equity capital.The research conclusion provides a reference for the regulatory authorities to improve the regulatory measures.
关键词
管理层讨论与分析/语调/权益资本成本/文本分析/媒体关注
Key words
management discussion and analysis/intonation/cost of equity capital/text analysis/media attention
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