“深港通”与前瞻性信息披露——基于上市公司年报语言将来时态特征的研究  

Shenzhen-Hong Kong Stock Connect Program and Forward-Looking Information Disclosure:a Study Based on the Future Tense Characteristics of Listed Companies’Annual Report Language

作　　者：张俊瑞[1,3] 仇萌 张志超 马晨 Zhang Junrui;Qiu Meng;Zhang Zhichao;Ma Chen

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西北大学经济管理学院,陕西西安710127 [3]西安交通大学城市学院,陕西西安710018

出　　处：《证券市场导报》2022年第4期15-26,共12页Securities Market Herald

基　　金：国家自然科学基金面上项目“资本市场全面开放,机构投资者网络与前瞻性信息披露:影响路径与经济后果研究”(72072143);国家社科基金后期资助项目(重点项目)“会计准则研究”(20FGLA005);教育部人文社科青年基金项目“空间分布、关联交易对会计透明度影响研究”(20YJC630098);陕西省哲学社会科学重大理论与现实问题研究项目“陕西省数据要素市场体系建设研究”(2021HZ0900)。

摘　　要：基于“深港通”互联互通制度的准自然实验场景,本文通过Word2Vec机器学习和文本分析方法获取上市公司年报中描述未来发展的词频,构建上市公司前瞻性信息披露指标,进而使用双重差分法检验资本市场开放对上市公司前瞻性信息披露的影响。研究发现:实施“深港通”有助于上市公司披露更多的前瞻性信息,其年报中将来时态的词频显著提高;企业国际化程度越高,资本市场开放对前瞻性信息披露的正向影响越强。此外,“深港通”是通过增加前瞻性描述内容与描述语气这两个机制,增加年报中对未来展望的描述。“深港通”对前瞻性的正向效应存在于信息透明度较高、有效内部控制的公司。研究结论表明,坚持资本市场持续全面开放对于提高公司治理水平与改善会计信息环境具有重要作用。Based on the quasi-natural experimental scenario of the Shenzhen-Hong Kong Stock Connect program,this paper obtained the frequency of words describing future development in the annual reports of listed companies through Word2Vec machine learning and text analysis methods,constructed the forward-looking disclosure indicators of listed companies,and then used the difference in difference(DID)method to test the impact of capital market opening on forward-looking information disclosure of listed companies.It is found that after the implementation of the Shenzhen-Hong Kong Stock Connect,more forwardlooking information is disclosed in the annual reports of listed companies,and the frequency of future tense words has increased significantly.Moreover,the higher the degree of internationalization of enterprises,the stronger the positive impact of capital market opening on forward-looking information disclosure.In addition,Shenzhen-Hong Kong Stock Connect increased forwardlooking information disclosure by two mechanisms of increasing forward-looking description content and description tone.Furthermore,this positive effect exists significantly in companies with high information transparency and effective internal control.The research conclusion shows that promoting the further opening of the capital market is of great significance for improving the effciency of corporate governance and enhancing the accounting information environment.

关 键 词：资本市场开放 深港通 前瞻性信息披露 语态将来时 机器学习 非财务信息披露 

分 类 号：F275[经济管理—企业管理]