Specific Text Disclosure,Media Reports And The Market Reaction

In general,the information in a company's earnings report includes quantitative information such as earnings information and qualitative information such as textual information.With the continuous development and improvement of the securities market and the development of the times and the demand for higher quality information,the traditional financial reports can not fully meet the needs of the market.In recent years,management discussion and analysis,which is an important part of the new financial report form,not only makes the information disclosure more effectively,but also improve the financial reports' quality to a great extend.It has been confirmed that the earnings information and the disclosure of texts in MD&A have market effects.However,the relationship between the two types of information,whether the market effect is complementary or alternative is not clear.This article takes this as an entry point,explores the relationship between trait-based text disclosure and traditional accounting information disclosure in management discussion and analysis,and further introduces the media as an intermediary to explore the role played by the media in two kinds of information market effectsBased on the sample of companies listed in Shanghai and Shenzhen stock exchanges during the period of 2008-2015,this article proposes hypotheses from four levels and conducts research.The article draws the conclusions of the following parts through empirical analysis:first,mspec has the market effect by replacing the earning information;secondly,the media has enlarged the market effect under the effect of the substitution of the MD&A specific information and the earning information;thirdly,for the high-tech industry,the market under the mutual action of the two types of information,the effect is more pronounced.At the same time,in the high-tech industry,the amplification effect of the market effect by the media on the two types of information is more obvious.Fourthly,the role of media in information mining and proliferation is different in the process of the two types of information.The information mining function of the media plays a major role in the process of replacing the earning information with the text information.At this time,the function of the media focuses on analysis and interpretation.The function of media information diffusion mainly lies in the mutual complement of the text information and the earning information.The proliferation and disclosure of such information play a corresponding role in complementing both types of information.The innovation of this article mainly lies in three parts:first,the topic of innovation.From the perspective of information supply and dissemination,the article explores innovatively the interactive relationship between text information disclosure and traditional earnings information disclosure and the role of media in it;Second,data and index innovation.In this article,both the mspec index and the relevant indicators of media attention(cvrg and sent)are calculated by using computer technology,which not only can better measure the quality of MD&A information and the depth and level of media coverage,and also improve the development of a certain reference.Third,the combination of theories and technologies.Based on the research of corporate finance,the relationship between corporate behavior and capital market,the article incorporates the theories and knowledge points of computer science and mass media in the analysis,enriching the level and connotation of the article.