管理层语调的信号和迎合:基于中国上市企业创新的研究  

Signaling and Catering of Management Tone:An Empirical Study on Innovation of Chinese Listed Firms

作　　者：林煜恩 李欣哲 卢扬 池祥萱 LIN Yuen;LI Xinzhe;LU Yang;CHI Xiangxuan(Center for Quantitative Economics,Jilin University,Changchun 1300121 China;School of Business,Renmin University of China,Beijing 100872,China;School of Accounting,Changchun University of Finance and Economics,Changchun 130117,China;School of Finance,National Dong Hwa University,Hualian 97041,China)

机构地区：[1]吉林大学数量经济研究中心,长春130012 [2]中国人民大学商学院,北京100872 [3]长春财经学院会计学院,长春130117 [4]台湾东华大学财务金融学系,中国台湾花莲97041

出　　处：《管理科学》2020年第4期53-66,共14页Journal of Management Science

基　　金：吉林省社会科学基金(2019B49);吉林省教育厅科研规划项目(JJKH20201146SK)。

摘　　要：大数据文本分析技术的逐渐成熟,加快了财务信息披露领域的研究进程,关于文本信息表达的语音语调逐渐引起关注。目前学界对管理层语调已有一定的研究,主要探讨管理层语调对企业未来业绩和分析师荐股等方面的影响,但鲜有研究管理层语调对企业创新的影响。以2008年至2017年中国沪、深A股上市企业为研究样本,基于企业财务报告中管理层讨论与分析部分,采用文本分析技术研究管理层语调与企业创新的关系,基于信号理论和迎合理论探究管理层语调对企业创新的主要影响机制。研究结果表明,管理层语调正向影响企业创新。基于信号理论和迎合理论的调节效应分析发现,成长机会正向调节管理层语调与企业创新的关系,即信号理论为主要影响机制。进一步分析,在信息不对称程度高时,成长机会的调节效应更为显著,管理层语调表现为信息增量以缓解信息不对称;在投资者保护较差及负债比例较高时,创新溢酬负向调节管理层语调对企业创新的影响,表明即使在投资者保护差和负债比例高的情况下,管理层语调依旧未体现为管理者的迎合动机。总体而言,管理层语调对企业创新具有信号作用,信号理论是管理层语调对企业创新关系的主要影响机制,而迎合理论未能得到证据支持。从管理层珍视个人声誉的角度看,他们会避免迎合投资者带来的风险,同时中国监管部门也会约束企业迎合投资者的行为。从企业创新视角探讨管理层语调的信息含量,研究结果丰富了管理层语调语义、文本分析和信息披露领域的相关研究,并在政策和实践上提供了理论指导。The report of the 19 th National Congress of the Communist Party of China emphasizes to promote the development of social informatization.Under this background,the text analysis technology of big data gradually matures,which accelerates the research process in the field of financial information disclosure.The voice and tone of text information gradually attracts attention.The extant studies mainly discuss the influence of the management tone on the future performance of the enterprise and the analysts’recommendation of stocks,yet there is little research on the influence of the management tone on the enterprise innovation.Using financial data of Chinese A-share listed firms between 2008 and 2017 as research sample,and based on the part of management discussion and analysis in annual reports,this study uses text analysis technology to study the relationship between management tone and enterprise innovation,and explores the main influence mechanism based on signaling theory and catering theory.The results show that management tone has a positive influencing on enterprise innovation.Based on the analysis of the moderating effect of"signaling theory"and"catering theory",it is found that growth opportunities positively moderate the relationship between management tone and the level of enterprise innovation,that is,"signaling theory"is the main influencing mechanism.Further analyses show that when the degree of information asymmetry is high,the moderating effect of growth opportunities is more significant,and the management tone is expressed as information increment to alleviate information asymmetry.In the case of poor investor protection and high debt ratio,innovation premium negatively moderates the influence of management tone on enterprise innovation,which indicates that even in the case of poor investor protection and high debt ratio,the management tone is still not reflected as the catering motivation of managers.In general,management tone has a"signal"effect on enterprise innovation,and the signaling theory i

关 键 词：管理层语调 信号理论 迎合理论 企业创新 公司治理 

分 类 号：F272[经济管理—企业管理]