MD&A文本实据性与企业权益资本成本:基于文本挖掘的方法  

MD&A textual evidentiality and the cost of equity capital:A text mining based approach

作　　者：师展 樊重俊[1] SHI Zhan;FAN Chongjun(Management School,University of Shanghai for Science and Technology,Shanghai 200082,China)

机构地区：[1]上海理工大学管理学院,上海200082

出　　处：《中国软科学》2024年第7期169-178,共10页China Soft Science

基　　金：2020教育部哲学社会科学重大课题攻关项目“工业互联网发展中新型生产关系研究”(20JZD010);国家自然科学基金青年项目“基于在线评论情感分析的社交媒体用户推荐”(71601119)。

摘　　要：我国已全面实施以信息披露为核心的注册制改革,实据性作为信息真实性和完整性的体现,有助于提高企业信息披露质量,从而提高资本市场资源配置效率。以2016—2021年我国沪深A股上市公司为样本,采用文本挖掘方法对管理层讨论与分析(MD&A)文本实据性进行度量,探究MD&A文本实据性对权益资本成本的影响。研究发现:MD&A文本实据性程度越高,权益资本成本越低,且两者关系在文本复杂性较低、信息中介跟踪较低以及外部治理环境较好的样本组中更加显著。研究结论丰富和拓展了权益资本成本的影响因素及文本信息增量价值的相关研究,为监管部门构建系统化的文本信息披露制度提供了新的方向。China has fully implemented the registration system reform centred on information disclosure,and textual evidentiality,as an embodiment of information authenticity and completeness,helps to improve the quality of corporate information disclosure,thus enhancing the efficiency of resource allocation in the capital market.Taking China’s A-share listed companies in Shanghai and Shenzhen from 2016 to 2021 as a sample,text mining method is used to measure the textual evidentiality of management discussion and analysis(MD&A),and the impact of MD&A textual evidentiality on the cost of equity capital is explored.The study finds that the higher the degree of MD&A textual evidentiality,the lower the cost of equity capital,and the relationship is more significant in the sample group with lower textual complexity,lower information intermediary tracking,and better external governance environment.The findings enrich and expand the research related to the influencing factors of the cost of equity capital and the incremental value of textual information,and provide a new direction for regulators to build a systematic textual information disclosure system.

关 键 词：管理层讨论与分析(MD&A) 文本实据性 权益资本成本 文本挖掘 

分 类 号：F272.3[经济管理—企业管理]