摘要
基于2017-2020年沪深A股上市公司的数据,利用面板logit回归模型,探讨了管理层信息披露语调与企业违规的关系。研究发现:管理层信息披露语调越积极,企业违规的概率越低,在二者的关系中,信息透明度起着调节作用,结果经过内生性和稳健性的检验后依然成立。经进一步分析发现积极语调与企业违规的负向关系只在标准审计意见和分析师关注度高的情况下成立,且公司治理水平会强化二者关系。该研究结论表明企业管理层积极语调可以向市场传递有效信号,对投资者决策具有重要意义。
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2017 to 2020,the panel logit regression model is used to explore the relationship between management information disclosure tone and corporate violations.The study found that the more positive the management’s information disclosure tone,the lower the probability of corporate violations.In the relationship between the two,information transparency plays a moderating role,and the results still hold after the test of endogeneity and robustness.After further analysis,it is found that the negative relationship between positive tone and corporate violations is only established when standard audit opinions and analysts’attention are high,and the level of corporate governance will strengthen the relationship between the two.The conclusion of the study shows that the positive tone of corporate management can send an effective signal to the market,which is of great significance to investors’decision-making.
出处
《科学决策》
CSSCI
2022年第5期1-14,共14页
Scientific Decision Making
基金
国家社会科学基金一般项目(项目编号:17BJY212)。
关键词
语调
违规
融资约束
信息披露
tone
irregularities
financing constraints
information disclosure
