林乐¹;谢德仁²

• 1:首都经济贸易大学 会计学院，北京 100070
• 2:清华大学 经济管理学院，北京 100084

摘要(Abstract)：

我国投资者会听话听音吗?文章利用文本分析方法,基于我国上市公司2005-2012年年度业绩说明会上的管理层语调数据对此进行了实证检验。研究发现,投资者对管理层的净正面语调做出了显著的正向反应,尤其是对负面语调做出了显著的负向反应。这表明在我国强调"意会"的语境文化背景下,投资者会听话听音,管理层语调具有信息含量,上市公司的业绩说明会具有其自身的存在价值。文章的研究结果还意味着,"词袋"方法及其构建的管理层语调用词列表在我国儒家文化背景下具有一定的适用性,值得开展进一步的研究。

关键词(KeyWords)： 管理层语调;业绩说明会;文本分析;信息含量;市场反应

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目(71502116)

作者(Authors): 林乐¹;谢德仁²

DOI: 10.16538/j.cnki.jfe.2016.07.003

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