【摘要】 管理层语调是否可以改善信息环境,保护投资者利益,提高资本市场资源配置效率是最近会计学、财务学和经济学领域研究的焦点问题之一。本文以2010-2015年创业板上市公司为样本,从文本信息视角实证检验管理层语调如何影响资本市场的定价效率,研究发现管理层语调具有定价功能,提高管理层净积极语调比例,能够降低权益资本成本;进一步发现会计信息质量越高,管理层语调的定价效率越显著;最后发现当管理层有动机操纵语调信息时,比如企业大股东减持、增持或者增发股票时,管理层语调与权益资本成本之间的关系显著弱化。该结论为完善上市公司的管理层语调行为、改善资本市场信息环境、提高资本市场资源配置效率提供经验证据、理论支持和政策建议。更多还原

【Abstract】 Whether the management tones can improve the information environment,protect the interests of investors and improve the efficiency of capital market resources is the focus of recent research in accounting,finance and economics.This paper takes the listed companies of the GEM 2010-2015 as a sample to test how the management tones information affects the pricing efficiency of the capital market from the perspective of text analysis.The research found that the management tones have the function of pricing.It is found that the higher the quality of accounting information,the stronger the pricing function of management tones.The negative correlation between management tones and the lost of equity weakened when the management is motivated to manipulate tone information,such as reducing,increasing or issuing shares by large shareholders.This conclusion provides evidence,theory support and policy advice to perfect management tone behavior,improve information environment of capital market,and improve the efficiency of resources allocation in capital market.更多还原