年报语调与重污染行业上市公司违规特征  

Annual Report Tone and Violations of Listed Companies in Heavily Polluting Industries

作　　者：孟浩 李谦 MENG Hao;LI Qian(School of Economics and Management,Southwest Forestry University,Kunming 650224,China)

机构地区：[1]西南林业大学经济管理学院,昆明650224

出　　处：《科技和产业》2025年第8期286-292,共7页Science Technology and Industry

摘　　要：着眼于年报语调与重污染行业的上市公司,首先从年报和社会责任报告中构建独特的文本分析词典,随后根据沪深A股上市公司数据,使用广义相加模型(GAM)、Logit回归等方法,探讨年报语调和违规严重程度、不同违规类型间可能的联系。研究结果表明:重污染行业上市公司的年报语调与违规严重程度之间存在非线性关系,且可以具体分为三个阶段;年报语调与特定违规类型(如虚构利润、披露不实等)之间存在显著线性相关性,部分语调特征甚至可能成为掩盖违规行为的工具。为此,监管机构应当基于文本分析,强化监管手段,对投资者而言,非财务信息也应当得到更多的关注。Focusing on the annual report tone and listed companies in heavily polluting industries,a unique text analysis dictionary was firstly constructed based on annual reports and social responsibility reports.Then,using data from listed companies on the Shanghai and Shenzhen stock exchanges,generalized additive models(GAM)and Logit regression were applied to explore potential connections between annual report tone and the severity of violations,as well as different types of violations.The findings reveal a non-linear relationship between annual report tone and the severity of violations for listed companies in heavily polluting industries,which can be specifically divided into three stages.Additionally,there exists a significant linear correlation between annual report tone and specific violation types(e.g.,fictitious profits,false disclosure),with certain tone features potentially serving as tools to conceal violations.Therefore,regulatory agencies should strengthen their regulatory measures based on text analysis.For investors,non-financial information deserves increased attention.

关 键 词：年报语调 违规类型 重污染行业 GAM模型 

分 类 号：F276.6[经济管理—企业管理]