科技型企业管理层语调如何影响未来业绩?——基于投资者行为与企业创新的机制分析  

How Does the Management Tone of Science and Technology Enterprises Affect Future Performance:Mechanism Analysis Based on Investor Behavior and Enterprise Innovation

作　　者：张皓月 吴冬晓 ZHANG Haoyue;WU Dongxiao(School of Management,Beijing Union University,Beijing 100101)

机构地区：[1]北京联合大学管理学院,北京100101

出　　处：《上海立信会计金融学院学报》2023年第5期91-104,共14页Journal of Shanghai Lixin University of Accounting and Finance

基　　金：北京市社会科学基金项目(20GLC055)。

摘　　要：科技型企业管理层语调积极程度能够反映企业对创新的正向态度,促进创新产出与绩效提升。管理层语调能够预示企业的未来业绩已成为学术界的共识,然而其影响路径、作用对象及外界关注度的话题尚待深入探析。文章基于2012-2020年创业板科技型上市公司的年报文本为研究样本,引入投资者行为和企业创新行为探讨作用路径,研究管理层语调如何影响企业未来业绩。研究发现,管理层语调会激发投资者的投资行为,提高科技型企业创新产出,进而提升企业的未来业绩。与非科技型企业相比,科技型企业管理层语调对业绩的影响更强;与机构投资者相比,个人投资者更易受到管理层语调的影响,其投资行为会显著提高企业业绩。研究结论对提升资本市场配置效率以及优化科技型企业创新活动与经营管理有一定的实践意义。The positive tone of technology enterprise can reflect the positive attitude towards innovation,which promotes innovation output and performance improvement.It has become a consensus in academic community that the tone of management can predict the future performance of enterprises.However,the pathways of influence,the targets of influence and the level of external attention needs to be further explored.Therefore,based on the annual reports of companies listed on GEM from 2012 to 2020,the paper studies how the management tone of technology enterprise affects the future performance,and introduce investor behavior and corporate innovation behavior to explore the role path.The results show that the management tone can stimulate investor behavior,enhance innovation output of technology enterprise,and ultimately improve the future performance of enterprises.Compared with non-technology enterprise,the management tone has a stronger impact on the performance of technology enterprise.Compared with institutional investors,individual investors are more vulnerable to the influence of management tone,and their investment behavior significantly improves enterprise performance.The findings of this study have certain practical implications for improving the efficiency of capital market allocation and optimizing innovation activities and management of technology enterprise.

关 键 词：管理层语调 企业业绩 投资者行为 企业创新 

分 类 号：F272.91[经济管理—企业管理] F832.51[经济管理—国民经济] F275