On Annual Report Tone,Analyst Focus and Stock Liquidity:An Analysis Based on the Mediating Effect Model
Based on the mediating effect of analysts'attention,this article conducts an empirical test using A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2022 as samples to explore the impact of annual report tone on stock liquidity and its transmission mechanism.The empirical results show that a positive tone in corporate annual reports can attract more analysts'attention,thereby increasing the frequency of stock trading and enhancing stock liquidity.Further research also finds that when investor sentiment is high,a positive annual report tone will further strengthen investors'confidence in investment,resulting in a more significant improvement in stock liquidity.Based on this,securities regulatory authorities should"strengthen supervision",improve monitoring mechanisms,and increase punishment severity.Listed companies should"emphasize disclosure",improve the quality of information disclosure,and avoid"manipulating"the tone of information.Investors should"be discerning",learn more,observe more,and think more to enhance their investment skills.Securities analysts should"uphold professional ethics",remain neutral,and provide investors with more professional investment guidance,jointly creating a healthy and orderly market investment environment.
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