过犹不及:管理层净语调对融资约束的影响研究

文本信息是企业信息披露的重要组成部分,以2010—2020年召开业绩说明会的中国A股上市公司为研究对象,利用文本分析方法进行文本信息提取,实证检验业绩说明会管理层净语调对融资约束的影响及作用机制。研究发现,管理层净语调能显著影响企业融资约束且两者之间呈现U型关系,意味着随着管理层净语调的增加,起初对缓解融资约束具有积极作用,超过拐点(0.591)后具有消极作用,存在“过犹不及”现象。机制研究发现,管理层净语调通过影响分析师关注进而影响企业融资约束,且明星分析师与非明星分析师的作用机制有所不同。此外,文本信息披露质量会对管理层净语调与融资约束之间关系产生异质性影响。研究结论拓展了文本语调对融资约束影响的研究,可以为信息使用者特别是中小投资者合理使用信息提供经验证据、为上市公司和监管部门改善信息披露质量提供决策参考。     

Investigation on Dumpling Issue——Remarks from China＇s State Council Information Office

From the very beginning of the dumpling incident,China has pay great concern on the problem and moved rapidly to find the reason and take further actions.Series of investigations carried in both countries by co-organized experts＇ team received a primary fruit as the true picture of the incident.Each time, China IS sparing no effort responsibly to solve the products quality dilemma,which other countries face in the same.     

Sino-America Dialogue Brings Long-term Cooperation

Dialogue between China and U.S. is various in channels, among which Sino-U.S. Strategir,Economic Dialogue paves way for a smoothly-going and long-term cooperation in bilateral relations.The dialogue focuses on bilateral and global strategic economic issues of common interests and concerns.     

Trade Promotion from Neighborhood

If you are considering to trade with companies in Japan or expanding your .business to Japan, we are ready to help from the very beginning.＂ You will find this greeting at the first sight on the Chinese website of Japan External Trade Organization （JETRO）. JETRO has committed itself in delivering highly efficient and quality services to meet the demand of internal and external customs including Japanese companies, hence winning a good reputation in the international trade arena. In recent years, with its priority in advancing business cooperation in South and East Asia, JETRO has made great achievement in promoting trade between China and Japan. Therefore, China＇s Foreign Trade interviewed Mr. Yoichi Maine, Deputy Director General of JETRO BEIJING.     

IPR Strategy,from Contest to Chess Game：Interview with Ma Xiushan, Deputy Secretary General,China Intellectual Property Society

China＇s Intellectual Property Rights（IPR） system was established in 1985. In its 21 years of existence, it has undergone unusual changes. IPR, as a new idea to be considered in constructing socialist market economy, helps promote internationalization and implement the strategy of ＂walking out＂, is so important that the Central Government has paid special attention to it. In 2005, China launched a mission to draft a National IPR Strategy, and in order to do so, the State Council has organized a leading group called the National IPR Strategy Committee, which is headed by Vice Premier Wu Yi. 28 State Council departments have also participated.     

Star River,A Champion of High-end Residence

Star River(or Star Bay),an elite works of Hong Yu Group,is located in Sijixinghe Road,Chaoyang District,Beijing.It is a distinguished residence area,occupying land of 300 thousand sq.meters.The north side is a forest garden with 1600 or more mu,the eastern side is a green belt with more than 2000 mu.     

Avery Dennison Dedicates New Research Center in China

“The economic growth in China and the Asia Pacific region during the last 30 years, and particularly in the last decade, has been phenomenal.”     

MOZEN:To Be the World-Famed Chinese Brand

MOZEN,a Beijing-based garment company specialized in traditional Chinese fashion,integrating design,manufacturing and marketing,held a press release in Beijing Exhibition Center on August 31,2007.     

China''''s Auto Era Facing Energy Crisis

In early 1980s when China's reform and opening up policy just began,a photo taken by a foreigner.on which a sea of bicycles moving on the street at the front of the Tian'anmen Tower,amazed the whole world.China got the title of "the Kingdom of Bicycle".Nowadays,with its rapid economic development,this bicycle kingdom has been developing into a huge market of automobiles at an amazing speed.     

中国农民工回乡创业研究述评

目前,我国关于＂农民工回乡创业＂,研究学科已从社会学扩展到经济学、人口学、法学等,研究范围从宏观层面进入到微观层面,研究方法也从文献研究转向实证研究。但研究的系统性、规范性等有待提高,尤其需要在新生代农民工创业问题、农民工回乡创业与城乡统筹如何结合以及如何与地区资源禀赋、人文条件结合等方面进一步深入研究。