管理层异常积极语调与企业成本管理——基于上市公司管理层讨论与分析的文本分析

The Abnormal Positive Tone of Management and Enterprise Cost Management:Textual Analysis Based on MD&A of Listed Companies

本文从公司管理层异常积极语调与公司成本黏性的角度出发,考察"语调不对称"的管理者如何进行公司的成本管理决策。研究发现,管理层异常积极语调与公司成本黏性呈现正相关关系。通过机制检验发现,公司管理层语调越积极,表明公司越有可能进行过度投资行为,进而导致成本黏性;进一步分析发现,管理层异常积极语调与成本黏性的正相关关系仅在公司代理问题较为严重时显著。最后,本文研究了管理层异常积极语调与公司期间费用黏性的关系,发现其与公司销售费用黏性显著正相关。本文的研究不仅丰富了有关管理层语调信息含量与成本黏性动因的研究,而且为监管部门提供了一定的参考。

From the perspective of the abnormal positive tone of management and the cost stickiness,this paper examines how managers with“asymmetric tone”make cost management decisions.The empirical results show that the abnormal positive tone of management is positively correlated with the company’s cost stickiness.Through the mechanism test,we find that the more positive the corporate management tone is,the more likely it is to over-invest,which leads to cost stickiness.Further analysis shows that the positive correlation between the abnormal positive tone of management and cost stickiness is significant only when the agency problem is serious.Finally,we study the relationship between the abnormal positive tone of management and the company’s period expense stickiness,and finds that it is significantly positive correlation with the company’s selling expense stickiness.This study not only enriches the research on information content of management tone and cost stickiness,but also provides some reference for regulatory authorities.