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上市公司信息质量影响资本市场资源配置效率。管理层讨论与分析(MD&A)是极其重要的上市公司信息,其语言表述灵活多变,不同语言特征必然带来不同的经济后果。因而管理层通过不同的语言表述形式,向市场传递公司价值的信号。本文以哈贝马斯言语有效理论为基础,借助文本挖掘技术,对MD&A中语言特征进行了探索性研究和系统分析,提出五种语言特征测度指标——可读性、业绩自利性归因、匹配信息密度、自我指涉度、前瞻性深度,以此衡量MD&A言语有效性。通过选择2010年188家中国创业板上市公司MD&A为样本,实证检验五种指标与公司未来财务业绩相关性。研究发现:①MD&A可读性、匹配信息密度、前瞻性深度与未来财务业绩正相关。②业绩自利性归因与未来财务业绩负相关。③自我指涉度与未来财务业绩关系不显著。④管理层并不是孤立的运用单一MD&A语言表述形式,而是融为整体战略性传递公司相关信息。本文从跨学科的角度,在上市公司信息披露的研究中引入言语有效交流理论,揭示了文字背后管理层微妙的心理动机,为把握管理层的心理和行为规律提供实证支持。
Information Quality of Listed Companies Affects the Efficiency of Resource Allocation in Capital Market. Management Discussion and Analysis (MD & A) is extremely important for listed companies. Its linguistic expressions are flexible. Different linguistic characteristics inevitably bring about different economic consequences. As a result, management sends signals of the value of the company to the market through different language expressions. Based on the theory of Habermas’ effective speech, this paper explores and systematically analyzes the linguistic features of MD & A based on the text mining technique. Five indicators of linguistic characteristics are proposed: readability, self-sufficiency attribution , Matching information density, self-reference, forward-looking depth, as a measure of the effectiveness of MD & A speech. By selecting MD & A, a sample of 188 Chinese GEM companies in 2010, the paper tests the correlation between the five indicators and the future financial performance of the company. The study found that: ①MD & A readability, matching information density, the depth of the forward-looking and the future financial performance is positively correlated. ② The self-attribution of performance is negatively related to the future financial performance. (3) There is no significant relationship between self-reference and future financial performance. Management does not use single MD & A language expressions in isolation, but integrates information about the overall strategic delivery company. This paper introduces the theory of effective communication of speech in the research of information disclosure of listed companies from the interdisciplinary point of view, reveals the subtle psychological motivation behind the writing, and provides empirical support for the management of the psychological and behavioral laws.