發(fā)布時(shí)間：2018-01-16 17:07

  本文關(guān)鍵詞：上市公司年報(bào)文字語(yǔ)氣與公司未來(lái)業(yè)績(jī)關(guān)系研究　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 文字語(yǔ)氣 公司業(yè)績(jī) 投資者信心 每股收益 關(guān)系機(jī)理

【摘要】：近些年來(lái),定性信息成為廣大信息需求者又一大渴求的信息來(lái)源。上市公司年報(bào)作為社會(huì)公眾與投資機(jī)構(gòu)了解上市公司業(yè)績(jī)與展望相對(duì)權(quán)威的文本信息源,近些年來(lái)隨著中國(guó)資本市場(chǎng)規(guī)范化、透明化的不斷推進(jìn),上市公司年報(bào)披露信息的透明度、真實(shí)性都得以不斷提升,其中上市公司年報(bào)中 管理層討論與分析‖——管理層對(duì)本年業(yè)績(jī)?cè)u(píng)述及下一年業(yè)績(jī)走勢(shì)的估計(jì),也越來(lái)越受到國(guó)內(nèi)研究學(xué)者的重視。在得到定性信息后,如何解讀就更顯得頗為關(guān)鍵。本文從文字語(yǔ)氣角度著手解讀年報(bào)文字,探尋其與公司未來(lái)業(yè)績(jī)之間的關(guān)系�；�于前人研究的基礎(chǔ)上,將前人衡量文字語(yǔ)氣的研究公式加以修改以契合本文研究?jī)?nèi)容,采用文獻(xiàn)研究與實(shí)證研究相結(jié)合的方法,將側(cè)重點(diǎn)集中于研究年報(bào)中的文字語(yǔ)氣與公司未來(lái)業(yè)績(jī)關(guān)系,結(jié)果表明正面語(yǔ)氣與公司未來(lái)業(yè)績(jī)正向相關(guān);雖然上市公司年報(bào)表述中性、委婉,但由于人們對(duì)負(fù)面消息的敏感性更強(qiáng),使得文字凈語(yǔ)氣(語(yǔ)句中負(fù)面語(yǔ)氣的負(fù)面影響)與公司未來(lái)業(yè)績(jī)負(fù)相關(guān),每股收益在文字凈語(yǔ)氣與公司未來(lái)業(yè)績(jī)之間起到調(diào)節(jié)作用。同時(shí)發(fā)現(xiàn),投資者信心的中介作用在本文實(shí)證檢驗(yàn)中不顯著。并且在此實(shí)證研究結(jié)果的基礎(chǔ)之上提出了本文關(guān)于上市公司年報(bào)文字語(yǔ)氣與公司未來(lái)業(yè)績(jī)之間的關(guān)系機(jī)理。
[Abstract]:In recent years, qualitative information has become another source of information for the vast number of information demanders. The annual report of listed companies is a text information source for the public and investment institutions to understand the relative authority of the performance and outlook of listed companies. In recent years, with the standardization of China's capital market and the continuous promotion of transparency, the transparency and authenticity of the information disclosed by the annual report of listed companies have been continuously improved. Among them, the management discussion and analysis in the annual report of listed companies: the management's estimation of the performance of this year and the performance trend in the next year has also been paid more and more attention by domestic researchers. After getting the qualitative information. From the perspective of the tone of the text, this paper starts to interpret the annual report text, and explore the relationship between it and the future performance of the company. Based on previous studies. The former research formula to measure the mood of words is modified to fit the content of this study, and the method of combining literature research with empirical research is adopted. Focusing on the relationship between the textual tone and the future performance of the company, the results show that the positive tone is positively related to the future performance of the company. Although the annual report of listed companies is neutral and euphemism, because people are more sensitive to negative news, the net tone of words (the negative influence of negative tone in the sentence) is negatively correlated with the future performance of the company. Earnings per share play a moderating role between the net tone of words and the company's future performance. The intermediary effect of investor confidence is not significant in the empirical test in this paper, and on the basis of the empirical research results, the relationship between the tone of the annual report and the future performance of listed companies is put forward in this paper.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：H152.3;F275;F832.51

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本文編號(hào)：1434016