上市公司年报文字语气与公司未来业绩关系研究

发布时间：2018-01-16 17:07

本文关键词：上市公司年报文字语气与公司未来业绩关系研究　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：近些年来,定性信息成为广大信息需求者又一大渴求的信息来源。上市公司年报作为社会公众与投资机构了解上市公司业绩与展望相对权威的文本信息源,近些年来随着中国资本市场规范化、透明化的不断推进,上市公司年报披露信息的透明度、真实性都得以不断提升,其中上市公司年报中管理层讨论与分析‖——管理层对本年业绩评述及下一年业绩走势的估计,也越来越受到国内研究学者的重视。在得到定性信息后,如何解读就更显得颇为关键。本文从文字语气角度着手解读年报文字,探寻其与公司未来业绩之间的关系。基于前人研究的基础上,将前人衡量文字语气的研究公式加以修改以契合本文研究内容,采用文献研究与实证研究相结合的方法,将侧重点集中于研究年报中的文字语气与公司未来业绩关系,结果表明正面语气与公司未来业绩正向相关;虽然上市公司年报表述中性、委婉,但由于人们对负面消息的敏感性更强,使得文字净语气(语句中负面语气的负面影响)与公司未来业绩负相关,每股收益在文字净语气与公司未来业绩之间起到调节作用。同时发现,投资者信心的中介作用在本文实证检验中不显著。并且在此实证研究结果的基础之上提出了本文关于上市公司年报文字语气与公司未来业绩之间的关系机理。
[Abstract]:In recent years, qualitative information has become another source of information for the vast number of information demanders. The annual report of listed companies is a text information source for the public and investment institutions to understand the relative authority of the performance and outlook of listed companies. In recent years, with the standardization of China's capital market and the continuous promotion of transparency, the transparency and authenticity of the information disclosed by the annual report of listed companies have been continuously improved. Among them, the management discussion and analysis in the annual report of listed companies: the management's estimation of the performance of this year and the performance trend in the next year has also been paid more and more attention by domestic researchers. After getting the qualitative information. From the perspective of the tone of the text, this paper starts to interpret the annual report text, and explore the relationship between it and the future performance of the company. Based on previous studies. The former research formula to measure the mood of words is modified to fit the content of this study, and the method of combining literature research with empirical research is adopted. Focusing on the relationship between the textual tone and the future performance of the company, the results show that the positive tone is positively related to the future performance of the company. Although the annual report of listed companies is neutral and euphemism, because people are more sensitive to negative news, the net tone of words (the negative influence of negative tone in the sentence) is negatively correlated with the future performance of the company. Earnings per share play a moderating role between the net tone of words and the company's future performance. The intermediary effect of investor confidence is not significant in the empirical test in this paper, and on the basis of the empirical research results, the relationship between the tone of the annual report and the future performance of listed companies is put forward in this paper.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：H152.3;F275;F832.51

【参考文献】