年报非财务信息的文本披露语言特征会影响股价崩盘风险吗?

Will the Linguistic Features of Textual Disclosure of Non-financial Information in Corporate Annual Report Trigger Stock Market Crash?

中文关键词:  可读性披露  语调披露  股价崩盘风险  信息不对称  文本分析  股票市场稳定

英文关键词:readable disclosure  tone disclosure  stock market crash risk  asymmetric information  textual analysis  stock market stability

中文摘要:

      当前,企业年报的非财务信息披露呈现持续复杂化的趋势,而非财务信息披露特征对投资者决策具有重要作用。通过机器学习对我国上市公司年报进行了文本分析,并利用2009—2017年A股上市公司数据,实证检验了年报非财务信息的文本披露语言特征对股价崩盘风险的影响。研究发现:管理层非财务信息披露的可读性越差,企业未来股价崩盘风险越高,且这一关系在管理层业绩压力较高、企业内部控制质量较差时更加显著；管理层在可读性披露基础上配合性地进行非财务信息的语调管理,非财务信息语调披露越积极,股价崩盘风险的上升效应会进一步加强。进一步地,年报非财务信息的文本披露语言特征对股价崩盘风险的影响主要通过改变企业与投资者之间的信息透明度来实现。以上经验证据表明,管理层控制非财务信息披露的语言特征存在“掩人耳目”的嫌疑,而不仅仅是对数字信息的“二次解释”。因此,监管部门应着力完善年报非财务信息披露制度,敦促企业发布简明易懂的财务报告,以增强我国股票市场韧性与抗风险能力。

英文摘要:

      The non-financial information disclosure of corporate annual report is getting increasingly complicated, with its features having an important bearing on investors' decision-making. Based on machine learning, this paper carried out a textual analysis of the annual reports of Chinese listed companies, and empirically tests the influence of the linguistic features of textual disclosure of non-financial information on stock market crash during the years from 2009 to 2017. It is found that if the readability of non-financial information disclosure is poor, the potential risk of stock market crash will increase, and such correlation is more prominent when the management is under high performance pressure and the quality of internal control is low. On top of readable disclosure, the management observes their tone. The more upbeat the tone of non-financial information disclosure is, the higher the risk of stock market crash is. Furthermore, the linguistic features of textual disclosure of non-financial information in corporate annual report exercises its effect mainly by improving the information transparency between enterprises and investors. The above empirical data revealed that the management's linguistic features of non-financial information disclosure, far more than secondary interpretation of digital information, arouse public suspicion of being deceived. Therefore, regulators should endeavor to make a more sound disclosure system of non-financial information in corporate annual report, and urge enterprises to release comprehensible financial reports, so as to strengthen China's stock market resilience and risk-resisting capability.