年报语调与企业财务绩效:心口如一还是心口不一?  

Annual Report Tone and Corporate Financial Performance:Is It Appearance or Truth?

作　　者：沈菊琴[1] 李淑琴 孙付华[1] SHEN Juqin;LI Shuqin;SUN Fuhua(School of Agriculture Science and Engineering,Hohai University,Nanjing 211106,China;School of Business,Hohai University,Nanjing 211106,China)

机构地区：[1]河海大学农业科学与工程学院,江苏南京211106 [2]河海大学商学院,江苏南京211106

出　　处：《审计与经济研究》2022年第1期69-80,共12页Journal of Audit & Economics

基　　金：中央高校基本科研业务费项目(B200204019)。

摘　　要：将传统的管理学和文本分析方法相融合,基于信息经济学理论,以2011—2019年中国A股非金融企业为研究样本,采用OLS回归模型考察年报语调对财务绩效的影响。研究结果表明:年报语调与企业财务绩效之间存在显著的“倒U型”曲线关系,适度积极的年报语调能够显著提升企业的财务绩效,异常乐观的年报语调则不利于企业财务绩效的提升,并且这种关系在非国有、分析师关注度高以及处于初创期、增长期和衰退期的样本企业中更加显著。进一步研究发现,市场估值水平和经营不确定性会强化年报语调与企业财务绩效之间的“倒U型”关系。有关结论丰富和拓展了年报语调对企业经济后果影响的研究,可以为信息使用者合理利用文本信息做出科学决策提供重要的理论参考。Combining traditional management and text analysis methods,taking the 2011—2019 annual report tone of a sample of China s A-share non-financial industry as the object,we make a survey of the impact of annual report tone on the financial performance based on the model of OLS regression.The results found that as the optimistic tone of the annual report increased,the financial performance of the company showed a trend of“increasing first and then decreasing”,that is,there is a significant“inverted U-shaped”relationship between the two,this relationship is more pronounced in sample companies that are not state-owned,tracked by high analysts,start-up,growth,and decline.Further research also found that the level of market valuation and operating uncertainty will strengthen the“inverted U-shaped”relationship between the tone of the annual report and the financial performance of the company.This article enriches and expands the research on the impact of annual report tone on the economic consequences of enterprises,and provides important theoretical references for information users to make rational use of text information to make scientific decisions.

关 键 词：年报语调 财务绩效 文本分析 分析师跟踪 信息效应 企业生命周期 调节效应 

分 类 号：F275[经济管理—企业管理]