年报语调、分析师关注与股票流动性——基于中介效应模型的分析

On Annual Report Tone,Analyst Focus and Stock Liquidity:An Analysis Based on the Mediating Effect Model

文章基于分析师关注的中介效应,以2007—2022年沪深两市A股上市公司为样本进行实证检验,探究年报语调对股票流动性的影响及传导机制。实证结果表明,积极的企业年报语调能够吸引更多分析师的关注,从而增加股票交易的频率,提升股票流动性。进一步研究还发现,当投资者情绪高涨时,积极的年报语调会进一步增强投资者的投资信心,对股票流动性的提升效果更为明显。基于此,证券监管部门要“强监管”,在完善监督机制的同时,加大处罚力度。上市公司要“重披露”,提高信息披露质量,切勿“操纵”信息语调。投资者要“善甄别”,多学多看多思考,提升投资水平。证券分析师要“守操守”,保持中立,给于投资者更加专业的投资指导,共同营造健康有序的市场投资环境。

Based on the mediating effect of analysts'attention,this article conducts an empirical test using A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2022 as samples to explore the impact of annual report tone on stock liquidity and its transmission mechanism.The empirical results show that a positive tone in corporate annual reports can attract more analysts'attention,thereby increasing the frequency of stock trading and enhancing stock liquidity.Further research also finds that when investor sentiment is high,a positive annual report tone will further strengthen investors'confidence in investment,resulting in a more significant improvement in stock liquidity.Based on this,securities regulatory authorities should"strengthen supervision",improve monitoring mechanisms,and increase punishment severity.Listed companies should"emphasize disclosure",improve the quality of information disclosure,and avoid"manipulating"the tone of information.Investors should"be discerning",learn more,observe more,and think more to enhance their investment skills.Securities analysts should"uphold professional ethics",remain neutral,and provide investors with more professional investment guidance,jointly creating a healthy and orderly market investment environment.