管理层语调是否加剧了企业内部人减持  

Whether the Management's Tone Has Exacerbated Insider Selling

作　　者：王志芳[1] 魏嘉晨 张婷[2] 郭婧[1,3] WANG Zhifang;WEI Jiachen;ZHANG Ting;GUO Jing(Shanxi University of Finance and Economics,030006)

机构地区：[1]山西财经大学会计学院,030006 [2]山西财经大学金融学院,030006 [3]对外经济贸易大学国际商学院

出　　处：《财贸经济》2023年第4期73-88,共16页Finance & Trade Economics

基　　金：国家自然科学基金重大项目“互联网时代的公司财务行为研究”(71790604);山西省科技战略研究专项“双碳目标下煤炭企业集团高质量发展路径及山西模式探索”(202104031402078)。

摘　　要：基于深交所A股民营上市公司2013—2020年发布的“投资者关系活动记录表”中机构投资者实地调研报告文本语调分析,本文研究了管理层语调操纵与内部人减持之间的关系。研究发现,管理层语调操纵与当年上市公司内部人减持情况呈正相关关系,表明管理层存在语调操纵嫌疑,会帮助自身或其他内部人减持实现超额收益。机制检验表明,投资者情绪和媒体关注度在管理层语调操纵加剧内部人减持的过程中发挥了部分中介作用。进一步研究发现,在公司所在省份投机文化浓厚、行业竞争程度较低以及信息透明度较差的样本中,管理层语调操纵对内部人减持的影响更加显著。本文研究结论证明,管理层会对文本语调进行调整,以误导投资者、吸引媒体关注,进而高位减持获利。本文结论对投资者加强自身培养、认清文本操纵真相以及监管机构强化文本信息披露管制具有重要启示。In modern enterprises,equity incentive has become an important means to alleviate the agency conflict between shareholders and managers.With the completion of Split-share Structure Reform in China,the shares of listed companies have realized full circulation,making it convenient for managers to sell their shares for cash-out.Compared with external investors,large shareholders and executives of the company have more information advantages.Opportunistic motivation may propel them to abuse their information advantage in selling,manipulate information disclosure,and sell a large number of shares to obtain high profits.With the maturing of institutional investors,corporate site visits have become an important way for them to dig out the undisclosed information of enterprises.Individual investors can obtain more information from these site visit reports.Different from the one-way communication method of the annual reports,the site visit reports record the all-round and multi-angle real-time communication between institutional investors and the company management about the corporate operation,financial status and development strategy,and thus are more informative.Therefore,the institutional investor research report can become a channel for managers disclose deliver highfrequency and multi-angle information to the readers.So will the managers become opportunistic to manipulate institutional investors?If so,will this manipulation exacerbate the managers'share selling?How?These are the questions we try to answer in this paper.Based on the textual tone analysis of the site visit reports of institutional investors in the Investor Relations Activity Record Sheet released by A-share private listed companies in Shenzhen Stock Exchange from 2013 to 2020,this paper studies the relationship between the management's manipulating tone and insider selling.It is found that the more manipulative the managers'tone is,the more serious the insider selling in the current year,and the conclusion has passed a series of robustness tests.The m

关 键 词：机构投资者实地调研 管理层语调操纵 内部人减持 文本分析 

分 类 号：F275.5[经济管理—企业管理]