年报文本语调对企业融资约束影响的实证研究  

An empirical study on the influence of intonation of annual report text on corporate financing constraints

作　　者：邱吉福[1] 张艺宝 QIU Ji-fu;ZHANG Yi-bao(School of Business Administration,Jimei University,Xiamen Fujian 361021,China)

机构地区：[1]集美大学工商管理学院,福建厦门361021

出　　处：《齐齐哈尔大学学报（哲学社会科学版）》2023年第10期85-88,共4页Journal of Qiqihar University(Philosophy & Social Science Edition)

基　　金：福建省社科研究基地重大项目:福建打造文化强省的财政政策与绩效评价研究(FJ2022JDZ039)。

摘　　要：本文利用文本分析的方法,以2016-2021年中国A股非金融企业为研究对象,研究年报文本语调对企业融资约束的影响。结果表明:年报文本语调与企业融资约束之间存在显著的“U型”曲线关系,即适度积极的年报文本语调能够显著缓解企业融资约束,异常乐观的年报文本语调则显著加剧企业融资约束。研究结论丰富了文本语调研究的相关内容,有利于市场主体使用年报文本语调传递信号获取融资;有利于投资者识别年报文本语调做出正确投资决策;也有利于促进各级政府持续优化法治化、市场化的营商环境。This paper uses textual analysis to empirically examine the impact of tone in annual reports on financing constraints faced by non-financial Chinese A-share firms from 2016 to 2021.The results reveal a significant“U-shaped”correlation between the tone of annual reports and financing constraints.A moderately positive tone in annual reports can significantly ease financing constraints for corporations,while an excessively optimistic tone can worsen financing constraints.The results of the study enrich the relevant research of text tone,allowing market entities to transmit signals for financing and helping investor recognition of text tone for making investment decisions.The findings are conducive to promoting governments at all levels to continuously optimize the business environment based on the rule of law and marketization.

关 键 词：文本语调 融资约束 信号传递 印象管理 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]