过犹不及:管理层净语调对融资约束的影响研究  

The More Positive Tone,the Less Amount of Financing:A Study of the Effects of Management Net Tone on Financial Constraints

作　　者：许启发[1,2] 马静文 蒋翠侠[1] XU Qifa;MA Jingwen;JIANG Cuixia(School of Management,Hefei University of Technology,Ministry of Education,Hefei 230009,China;Key Laboratory of Process Optimization and Intelligent Decision-making,Ministry of Education,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230009 [2]合肥工业大学过程优化与智能决策教育部重点实验室,安徽合肥230009

出　　处：《审计与经济研究》2023年第3期54-64,共11页Journal of Audit & Economics

基　　金：国家自然科学基金面上项目(72171070)。

摘　　要：文本信息是企业信息披露的重要组成部分,以2010—2020年召开业绩说明会的中国A股上市公司为研究对象,利用文本分析方法进行文本信息提取,实证检验业绩说明会管理层净语调对融资约束的影响及作用机制。研究发现,管理层净语调能显著影响企业融资约束且两者之间呈现U型关系,意味着随着管理层净语调的增加,起初对缓解融资约束具有积极作用,超过拐点(0.591)后具有消极作用,存在“过犹不及”现象。机制研究发现,管理层净语调通过影响分析师关注进而影响企业融资约束,且明星分析师与非明星分析师的作用机制有所不同。此外,文本信息披露质量会对管理层净语调与融资约束之间关系产生异质性影响。研究结论拓展了文本语调对融资约束影响的研究,可以为信息使用者特别是中小投资者合理使用信息提供经验证据、为上市公司和监管部门改善信息披露质量提供决策参考。Text information is an important enterprises information disclosure.Empirical results on the Chinese A-share listed companies from 2010 to 2020 demonstrate that management net tone significantly affects corporate financing constraints with a U-shaped relationship,implying that it initially has a positive effect on alleviating financing constraints and then tends to be negative as the tone increasesbeyond the inflection point(0.591),namely“the more positive tone,the less amount of financing”.The mechanism analysis indicates that management net tone affects corporate financing constraints by attracting analyst attention.And the mechanism of the role of star analysts differs from that of non-star analysts.In addition,the quality of textual disclosure can have a heterogeneous effect on the relationship between management net tone and financing constraints.This paper extends the research on the effects of text tone on financing constraints,which can provide empirical evidence for information users,especially small and medium-sized investors,to use information rationally and offer decision-supports for listed companies and regulators to improve the quality of information disclosure.

关 键 词：管理层净语调 融资约束 文本分析 分析师关注 会计信息质量 审计质量 企业声誉 

分 类 号：F270[经济管理—企业管理]