摘要
当前,以文本信息为主的非财务信息在年报中的地位逐渐提高,采用文本语调统计法和特征词统计法,通过Pyt hon编程语言分析了中国A股上市公司的年报文本信息。研究发现,分析师会关注年报文本信息,并调整对上市公司的业绩预测。如果文本信息语调与实际业绩不符且异常乐观,分析师将下调业绩预测,并减少对文本信息的关注。
At present, the non-financial information with text messages as the principal part is becoming more and more important in annual reports. This paper adopts the textual intonation statistical method and characteristic word statistical method to analyze the text message in the annual reports of China’s A-share listed companies through Python programming language. The findings show that analysts would pay attention to the text information in the annual reports and adjust the performance forecast of listed companies. If the tone of the text message does not match the actual performance and is extremely optimistic, the analyst will downgrade the performance forecast and reduce their focus on the text message.
作者
许文瀚
朱朝晖
XU Wen-zhao;ZHU Zhao-hui(Ningbo Institute of Technology,Zhejiang University,Ningbo 315000;Zhejiang Gongshang University,Hangzhou 310018,China)
出处
《当代财经》
CSSCI
北大核心
2019年第1期131-140,F0003,共11页
Contemporary Finance and Economics
基金
教育部人文社会科学规划基金项目"上市公司研发活动对年报文本信息的影响研究:动机
策略及经济后果"(18YJA790006)
浙江省自然科学基金项目"上市公司业绩预告文本信息:动机
策略及市场效应"(LY18G020028)
关键词
年报文本信息
分析师
异常乐观
text information in annual report
analyst
unusual optimism
