管理层披露语调对股票市场稳定性的影响研究

The Influence of Management Disclosure Tone on Stock Market Stability

文章以2007~2016年之间的A股上市公司为样本研究MD&A的负面语调是否能够降低未来股价的暴涨暴跌几率,进而影响股票市场的稳定性。研究发现,总体来看MD&A负面语调没有缓解暴涨暴跌风险,原因在于管理层披露负面语调可读性较低,无法将负面消息及时传递到市场,只有可读性较高的负面语调信息才能够缓解信息不对称、抑制未来的股价崩盘。文章丰富了MD&A信息披露质量的经济后果研究文献,同时提醒投资者要仔细辨别MD&A信息披露质量,降低投资决策风险。

Taking A-share listed companies from 2007 to 2016 as a sample,this paper studies whether the negative tone of MD&A can reduce the sharp rise and fall of stock prices in the future,and then affect the stability of the stock market.I find that,on the whole,MD&A's negative tone do not alleviate the risk of sharp rise and fall of stock pieces.The reason is that the readability of the negative tone in the management disclosure is low and the negative news cannot be transmitted to the market in time.Only the highly readable negative tone information can alleviate the information asymmetry and inhibit the future stock price collapse.This paper enriches the research literature on the quality and consequences of MD&A information disclosure,and reminds investors to carefully distinguish the quality of MD&A information disclosure and reduce the risk of investment decision-making.