投资者会听话听音吗??--基于管理层语调视角的实证研究

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。

Do Investors Listen for the Meanings behind Executives’Words? An Empirical Analysis Based on Management Tones

Do investors listen for the meanings behind executives’words in China? Based on the management tones data in earnings communication conferences of Chinese lisG ted companies from 2005 to 2012,this paper investigates this issue by using textual analyG sis method.It finds that the investors react positively to net positive management tones,esG pecially negatively to the negative management tones.The findings suggest that,in highly“sense”context of Chinese culture,investors do listen for the meanings behind executives’ words;management tones are informative and earnings communication conferences of Chinese listed companies have their values.Moreover,the results indicate that “bag of words”approach and tone words list are applicable to some extent in the Confucian culture context and are worthy of further study.