管理层语调与创业板上市公司业绩关系研究

Study on the Relationship Between Management Tone and Performance of the GEM Listed Companies

基于创业板上市公司2014—2019年度业绩说明会,研究管理层语调数据,分析其对上市公司业绩的影响。研究结果表明,管理层净正面语调与创业板上市公司当年业绩正相关,但与未来业绩相关性更为显著。管理层语调的研究作用在于,各利益相关方尤其是资本市场投资者能够参考管理层语调等文本信息来辅助投资决策。对管理层语调这一文本信息的分析,不仅有助于资本市场各利益主体充分了解创业板上市公司未来的业绩情况,对创业板上市公司会计信息披露也能起到监督作用,这对于我国多层次资本市场的发展,尤其是科创板战略的实施具有重要的价值参考意义。

Based on the 2014-2019 annual performance briefings of the GEM listed companies,we studied the management tone to analyze its impact on the performance of the listed companies.The results of the study indicate that there is significant correlation between the net positive management tone and the performance of the GEM listed companies in the current year,and it is more positively related to future performance.The research significance of management tone is that all stakeholders,especially capital market investors,can refer to the textual information like management tone to assist investment decisions,which is of great significance to the reform practice of China’s capital market.