Influence of management discussion and analysis tone on the cost of equity capital
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.
management discussion and analysisintonationcost of equity capitaltext analysismedia attention
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