MD&A语言真诚性能够提高资本市场定价效率吗？——基于股价同步性的分析

MD&A's Textual Sincerity and Improvement of Capital Market Efficiency: An Analysis of Stock Price Synchronicity Perspective

中文关键词:  MD&A语言特征  股价同步性  分析师跟踪  信息效率  中介效应  资本市场

英文关键词:MD&A textual feature  synchronicity of share price  analyst following  the efficiency of information  mediating effects  captial market

中文摘要:

      真诚是语言沟通的灵魂,MD&A作为上市公司与投资者交流公司经营管理情况最为重要的文本载体,其语言真诚性将对企业资本市场表现产生重要影响。以2007—2017年沪深A股上市公司的年报为样本,实证检验了年报中MD&A语言真诚性对股价同步性的影响,研究发现:(1)MD&A语言越真诚,股价同步性越低,说明MD&A语言真诚性能够将更多的公司特质信息融入股价,提高资本市场定价效率；(2)进一步结合公司外部信息环境,发现在地区社会信任水平较低与产品市场竞争程度较低的环境中,MD&A语言真诚性对提高资本市场定价效率的作用更强；(3)考虑到资本市场信息的有效传递有赖于信息中介,基于中介效应模型,检验发现MD&A语言真诚性的提高吸引了更多分析师跟踪,进而降低了股价同步性,提高了资本市场定价效率。基于上述结论,监管层应积极推进文本信息披露评价体系的建立,促使公司不断改进自身的信息披露质量,以保证信息传达的准确性并提升资本市场效率；同时,需要进一步引导和加强证券分析师等信用中介平台高质量发展,促进资本市场健康稳定发展。

英文摘要:

      Sincerity is the soul of language communication. as the most important text carrier for listed companies to communicate with market investors about the company's operation and management, the sincerity of MD&A will have an important influence on the performance of enterprise capital market. Taking the annual reports of listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2007 to 2017 as samples, this paper empirically tests the influence of the sincerity of MD&A on the stock price synchronization in the annual reports. The research finds that:(1) The more sincere the MD&A is, the lower the synchronicity of the stock price is, indicating that the sincerity performance of MD&A can integrate more corporate characteristic information into the stock price and improve the pricing efficiency of the capital market. (2) Further combining with the external information environment of the company, it is found that in the environment with a low level of social trust in the region and a low level of competition in the product market, the sincerity of MD&A plays a stronger role in improving the pricing efficiency of the capital market.(3) Considering that the effective transmission of capital market information depends on information intermediaries, based on the model of mediation effect, it is found that the improvement of the sincerity of MD&A attracts more analysts to follow, thus reducing the synchronization of stock prices and improving the pricing efficiency of capital market. Based on the above conclusions, the supervisor should actively promote the establishment of the text information disclosure evaluation system, and urge the company to continuously improve information disclosure quality, so as to ensure the accuracy of information communication and improve the efficiency of the capital market. At the same time, it is necessary to further guide and strengthen the high-quality development of securities analysts and other credit intermediary platforms to promote the healthy and stable development of the capital market. 