年报文本信息可读性与股价崩盘风险

Readability of Annual Report Text Information and Risk of Stock Price Crash

本文利用上市公司年报文本信息的数据,研究了年报文本信息可读性对股价崩盘风险的影响。研究发现年报文本信息可读性越低,企业股价崩盘风险越高。进一步研究中,探讨了企业盈余持续性和信息环境对两者关系的影响。发现在业绩持续较差和暂时为正的样本中,两者的关系更加显著。高水平的审计及信息质量评级可以有效地改善企业信息环境,缓解年报文本信息可读性对股价崩盘风险的影响。研究结论对上市公司、监管部门都具有重要的实践指导意义。

Using the data of the annual report text information of listed companies, this paper studies the influence of the readability of the annual report text information on the stock price crash risk. The study found that the lower the readability of the annual report text information, the higher the risk of a company’s stock price crash. In the further study, the influence of the persistence of corporate earnings and the information environment on the relationship between the two is discussed. The relationship was found to be more pronounced in samples with persistently poor performance and temporarily positive performance. A high level of auditing and information quality rating can effectively improve the information environment of enterprises and alleviate the impact of the readability of annual report text information on the risk of stock price crash. The research conclusions have important practical guiding significance for listed companies and regulatory authorities.