摘要
企业融资约束一直是亘古不变的话题。为了基于业绩说明会的文本信息披露来测度管理层语调是否影响企业的融资约束问题,利用2005-2018年所有A股上市公司数据,在控制了一系列控制变量后发现,业绩说明会中管理层的回答具有一定的可信度,其净正面语调显著放松了企业T+1年的融资约束问题。在将净语调分解后发现,管理层的正面语调可以缓解企业的融资约束,而负面语调则会加剧企业的融资困难问题。此外,还使用语言膨胀度、替换管理层语调的测度指标等方法进行一系列的稳健性检验,发现管理层语调对于融资约束的影响仍然成立。进一步分析发现,在分析师跟踪数高的企业以及非国有控股企业中,管理层语调对于融资约束的影响更为显著,这为融资约束的缓解措施增添了新的方法。因此,管理层利用上市公司的业绩说明会,与投资者之间进行充分的交流,提升企业的文本信息披露,可以缓解企业与投资者之间的信息不对称性,进而缓解企业的融资约束。
Corporate financing constraints have always been an invariable topic.Based on the textual information disclosure in the performance presentation meeting,this paper measures whether the management tone affects the financing constraint of enterprises.Using the data of all A-share listed companies from 2005 to 2018,after controlling a series of control variables,we found that the answers of the management in the performance statement had certain credibility,and its net tone significantly relaxed the financing constraint of the enterprise T+1 year.After decomposing the net tone,we found that the positive intonation of the management could relieve the financing constraints of the enterprise,while the negative intonation could aggravate the financing difficulties of the enterprise.In addition,this paper also conducts a series of robustness tests with the methods of language inflation and measurement index of replacing management tone,and finds that the influence of management tone on financing constraints is still valid.It is further found that the influence of management tone on financing constraints is more significant in the private enterprises and companies which has high number of analyst tracking.And it adds a new approach to the mitigation of financing constraints.Therefore,the management can make use of the performance presentation of listed companies to fully communicate with investors and improve the text information disclosure of enterprises,which can alleviate the information asymmetry between enterprises and investors and thus alleviate the financing constraints of enterprises.
作者
胡婧
HU Jing(School of Statistics and Mathematics,Zhongnan University of Economics and Law,Wuhan430073,Hubei,China)
出处
《武汉理工大学学报（社会科学版）》
2020年第4期103-114,共12页
Journal of Wuhan University of Technology:Social Sciences Edition
关键词
管理层语调
非财务信息披露
文本分析
融资约束
management tone
disclosure of text information
text analysis
financing constraints
