管理层讨论与分析语调对权益资本成本的影响  

Influence of management discussion and analysis tone on the cost of equity capital

作　　者：李丽滢 张家乐 LI Liying;ZHANG Jiale(School of Business Administration,Liaoning Technical University,Huludao 125105,China)

机构地区：[1]辽宁工程技术大学工商管理学院,辽宁葫芦岛125105

出　　处：《辽宁工程技术大学学报（社会科学版）》2024年第6期425-432,共8页Journal of Liaoning Technical University(Social Science Edition)

基　　金：辽宁省教育厅社科项目(23-A095)。

摘　　要：基于中国沪深A股上市公司2015—2021年管理层讨论与分析语调的文本分析,采用归纳分析法,研究了管理层讨论与分析语调是否会对企业权益资本成本产生影响。研究发现:管理层讨论与分析语调对企业权益资本成本具有显著负向影响,尤其对上市年限较短的成长型企业负向影响更大;媒体关注削弱管理层讨论与分析语调对企业权益资本成本的负向影响。研究结论为监管部门完善监管措施提供参考。Based on the text analysis of the management discussion and analysis tone of China's Shanghai and Shenzhen A-share listed companies from 2015 to 2021,the analysis and induction method is adopted to study whether the management discussion and analysis tone will have an impact on the cost of corporate equity capital.The study found that the management discussion and analysis tone has a significant negative impact on corporate equity capital cost,especially on growth enterprises with short listing years.Media attention weakens the negative impact of the tone of management discussion and analysis on the cost of corporate equity capital.The research conclusion provides a reference for the regulatory authorities to improve the regulatory measures.

关 键 词：管理层讨论与分析 语调 权益资本成本 文本分析 媒体关注 

分 类 号：F832.5[经济管理—金融学]