Taking A-share listed companies from 2013 to 2020 as the research object,based on unstructured text information,the influence effect of abnormal intonation characteristics of management discussion and analysis in the annual reports of listed companies on the innovation efficiency of enterprises was investi-gated.The study found that the higher the MD&A abnormal tone,the higher the efficiency of enterprise innova-tion investment,and the research results were stable and valid.Further analysis shows that when the indus-try competition is high,the abnormal tone of MD&A has a more significant effect on innovation efficiency.The study provides new empirical evidence for the study of the economic consequences of text information tone and the influencing factors of firm innovation.
关键词
管理层讨论与分析/异常语调/企业创新效率/行业竞争
Key words
Management Discussion and Analysis/Abnormal Intonation/Enterprise Innovation Efficiency/In-dustry Competition
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