新疆财经

新疆财经 ›› 2023,Issue (3): 47-56.doi: 10.16716/j.cnki.65-1030/f.2023.03.005

• 管理纵横 • 上一篇    下一篇

年报柔性监管与股价崩盘风险——基于年报问询函语调的研究

朱晓燕, 黄政, 邱静暄   

  1. 湖南工商大学，湖南 长沙 410205
  • 收稿日期:2022-12-11 出版日期:2023-06-25 发布日期:2023-06-05
  • 作者简介:朱晓燕（1998—），女，湖南工商大学会计学院硕士研究生，研究方向为信息披露与资本市场；
    黄政（1982—），男，经济学博士，湖南工商大学会计学院副教授，研究方向为信息披露与资本市场；
    邱静暄（1999—），女，湖南工商大学会计学院硕士研究生，研究方向为信息披露与资本市场。
  • 基金资助:
    国家社会科学基金一般项目“内部控制质量、管理层信息操纵与股价稳定研究”(18BGL080);湖南省自然科学基金面上项目“内部控制有效性与股价信息含量：公司透明度的中介机理与经验证据”(2020JJ4253);湖南省社会科学基金青年项目“管理层权力、信息操纵与股价波动研究”(19YBQ041);湖南省研究生科研创新项目“年报柔性监管影响股价崩盘风险的机理研究——基于文本语调的视角”(CX20221169)

Flexible Regulation and Stock Price Crash Risk—Study on Intonation of Annual Report Inquiry Letters

ZHU Xiaoyan, HUANG Zheng, QIU Jingxuan   

  1. Hunan University of Technology and Business, Changsha 410205, China
  • Received:2022-12-11 Online:2023-06-25 Published:2023-06-05

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摘要：

年报问询函作为创新监管方式之一，其监管效果受到实务界与学术界的广泛关注。文章以2015—2020年上市公司为样本，利用Python软件处理深圳证券交易所年报问询函的积极词、消极词数据，从语调负面程度检验年报柔性监管对股价崩盘风险的影响。研究发现：年报柔性监管能够发挥作用，年报问询函语调的负面程度与上市公司股价崩盘风险呈显著的负相关关系。对不同的年报问询函语调负面程度进一步分析后发现：在语调负面程度较低时，年报柔性监管能够降低股价崩盘风险；但随着语调负面程度的提高，年报柔性监管便难以发挥作用。今后交易所应提高问询质量、监管部门应完善制度建设、上市公司应加强信息披露、投资者关注年报问询函语调指标，以更好地发挥年报柔性监管作用。

关键词: 年报问询函, 柔性监管, 负面语调, 股价崩盘风险

Abstract:

As one of the innovative regulatory methods, the Annual Report Inquiry Letter has received widespread attention from both the practical and academic sectors for its regulatory effectiveness. The paper takes listed companies in China from 2015 to 2020 as a sample, and uses Python software to process positive and negative word data from the annual report inquiry letter of the Shenzhen Stock Exchange. It tests the impact of flexible regulation of annual reports on the risk of stock price collapse from the degree of negative tone. The study has found that flexible regulation of Annual Reports can play a role, and there is a significant negative correlation between the negative tone of the Annual Report Inquiry Letter and the risk of stock price collapse of listed companies. After further analysis of the negative degree of different intonation in the Annual Report Inquiry Letter, it was found that when the intonation is low, flexible regulation of the Annual Report can reduce the risk of stock price collapse; However, as the negative tone of voice increases, flexible regulation of Annual Reports becomes difficult to play a role. In the future, exchanges should improve the quality of inquiries, regulatory authorities should improve institutional construction, listed companies should strengthen information disclosure, and investors should pay attention to the tone indicators of Annual Report Inquiry Letter to better play the role of flexible supervision in Annual Reports.

Key words: Annual Report Inquiry Letters, flexible regulation, negative tone, the risk of stock price collapse

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