独立董事网络对MD&A语调的影响研究——基于中国上市公司的经验证据
The Influence of Independent Director Networks on MD&A Tone——Based on Empirical Evidence from Listed Companies in China
刘佳鑫1
作者信息
摘要
独立董事网络嵌入程度会影响独立董事参与公司的治理行为,从而对管理层讨论与分析语调产生影响.采用社会网络分析方法,基于2014-2021年中国沪深A股上市公司连锁董事关系构建独立董事网络,同时采用爬虫技术收集年报中的"积极语调"与"消极语调"关键词,构建管理层讨论与分析语调的代理变量,研究独立董事网络位置对管理层讨论与分析语调的影响.结果表明,公司的独立董事网络位置越好,管理层讨论与分析语调越积极,并主要通过约束管理者短视这一路径产生影响.异质性检验发现,对于管理层持股比例更低、分析师关注度更低以及市场竞争程度更低的样本,独立董事网络位置对管理层讨论与分析语调具有更为显著的正向影响.研究结论不仅丰富了独立董事网络的研究成果,还提供了基于社会关联视角深入理解管理层讨论与分析语调的机会.
Abstract
The degree of embeddedness of independent director network influences the governance behavior of independent directors,thereby impacting the tone of MD&A(Management Discussion and Analysis).Social network analysis methods are adopted to construct independent director net-works based on interlocking directorates of Chinese A-share listed companies from 2014 to 2021.Simultaneously,web scraping techniques is utilized to collect keywords related to"positive tone"and"negative tone"from annual reports to construct proxy variables for MD&A tone.The influ-ence of independent director network location on the tone of management discussion and analysis is studied.The results show that the better the position of the company's independent director net-work,the more positive MD&A tone,and the influence is mainly exerted by restraining manag-ers'short-sightedness.The heterogeneity test found that for the samples with lower management shareholding ratio,less analyst attention and less market competition,the position of independent director networks has a more significant positive impact on MD&A tone.The research findings not only enrich the understanding of independent director networks but also provide an opportunity to deeply understand MD&A tone from a social network perspective.
关键词
独立董事/社会网络/MD&A语调Key words
independent directors/social network/MD&A tone引用本文复制引用
出版年
2024
NETL
NSTL
万方数据