风险信息披露与企业财务困境:基于年报文本分析的研究
Risk Information Disclosure and Enterprise's Financial Distress-A Study based on Annual Reports Analysis
李东阳 1徐凯 1江宇1
作者信息
摘要
文章以2014-2021年国内A股上市公司为样本,通过分析年报中"管理层讨论与分析"字段的风险信息含量,实证检验了风险信息对企业未来财务困境的预测作用及影响动因.研究发现,风险信息对未来财务困境具有预测作用,在模板式披露较低时作用更显著.进一步检验管理层选择性披露动因发现,当企业竞争地位高、受市场关注程度高时,风险信息与企业财务困境的关系更弱.文章从文本分析视角丰富了风险信息披露的研究,为投资者深入了解管理层披露风险的动因提供有力依据.
Abstract
Taking China's A-share Listed Companies during 2014-2021 as sample,this article tests empirically the prediction role and influence impetus of the risk information disclosure on enterprise's future financial distress by analyzing the risk information content of field name"management discussion and analysis"in annual reports.It is found that the risk information can predict the enterprise's future financial distress,which role will become more remarkable when the template disclosure is made at a lower level.It is also found by further examining the management's selective disclosure incentives that there is a weak correlation between the risk information and the enterprise's financial distress when this enterprise is at a higher competitive status or earns a higher degree of market attention.
关键词
风险信息/选择性披露/信息披露/财务困境/文本分析引用本文复制引用
出版年
2024
NETL
NSTL
万方数据