Research On The Disclosure Of Listed Companies And Investors' Interpretation In Text Information

China's capital market has experienced sustained development for almost 30 years,since the establishment of Shanghai Stock Exchange and Shenzhen Stock Exchange,and it has formed a considerable scale and volume.The prosperity of capital market is an important symbol of a country and society,it is an important support for economic development too.The prosperity of capital market can also promote the flow and optimal allocation of social resources,and provide important impetus for economic restructuring,innovation and sustainable development.The allocation and transmission of information resources is an important prerequisite for the effective operation of capital market.The asymmetry of information will restrict the efficiency of economic operation seriously.Information disclosure and related systems are established to ensure the effectiveness of resources allocation and economic operation.Information disclosure not only helps to alleviate the information asymmetry but also alleviates the related agency problems.There are many studies on information disclosure,but the existing literature focused on the analysis of financial information disclosure,and the conclusions were varied.For example,some studies believe that financial information will affect the performance of enterprises from three aspects:providing investment opportunities,reducing liquidity risk and playing a role of corporate governance.A large number of studies have also proved that the improvement of the quality of financial information disclosure can reduce the cost of capital effectively and improve the of investment efficiency.As for the study of non-financial information,that is,text information disclosure,the existing literature mainly focuses on examining the role and economic consequences of non-financial information disclosure.This paper holds that non-financial information may present more and deeper features in both the disclosure of companies and the investors' interpretation due to the particularity of its carrier in the form of text.For example,when a listed company makes a text information disclosure,in the case of a certain adjustment space for the text,what are the tendencies of text information disclosure for different performance.What kind of reaction characteristics will be reflected in the text information disclosed under different performance.And how will the part of"Future Development Outlook" be disclosing?Whether the text information investors will respond significantly and whether the information conveyed by this part of the text is true and effective.That is,whether exists the ambiguity of disclosure by listed companies and the misplacement of investors' interpretation in the part of "Future Development Outlook".All of the above issues deserve and need to be studied in depth.Therefore,this paper focuses on the tendency of behavior in listed companies with text information disclosure and the characteristics of behavior in investors about text information interpretation.The main contributions of this study are as follows:Firstly,this paper adopts more advanced and accurate technical means,that is,through web crawler and text mining,to obtain and analyze the disclosed text information,which improves the efficiency of data processing and the accuracy of the results.At the same time,it has made an important contribution to expand the research field of financial accounting.Secondly,from the perspective of behavioral economics,this paper deeply explores and analyses the different behavioral tendencies of listed companies when disclosing text information and investors interpreting text information according to different performance.Thirdly,this paper introduces the research methods of "Asymmetry" into the study of disclosure behavior of listed companies and investors' response characteristics involved in text information creatively,innovates the research perspective.Finally,this paper has obtained many novel and valuable conclusions.The main conclusions of this paper are as follows:Firstly,the marginal change of text tone-score when company performance is "bad news"(negative relative performance)is significantly smaller than that when "good news"(positive relative performance).That is to say,listed companies show asymmetric behavior of "report only the good news but not the bad" when disclosing text information.Furthermore,the enterprises with performance pressure and the state-owned enterprises are more serious,while the enterprises with Cross-listing and high degree of market-oriented company location and better legal environment(the eastern region)have been relieved.Secondly,when the company performance is"good news"(positive relative performance),the marginal "Cumulative Abnormal Return(CAR)" corresponding to the text tone-score is significantly larger than the company performance is "bad news"(negative relative performance).That is to say,under different types of performance news,investors' response to disclosure text information is asymmetric,and investors' marginal response to "good news" is stronger Furthermore,the worse the readability of the text,the lower the"asymmetry" will be.Thirdly,the tone-score of text information disclosed in the"Future Development Outlook" section has no significant relationship with either the current performance or the actual performance in the future.On the other hand,the market reaction of investors after the announcement of the annual report is positively correlated with the text tone-score of the company's future development outlook.Finally,this paper proposes corresponding policy recommendations from five aspects:To strengthen and improve the system construction of relevant information disclosure,especially text information disclosure.To strengthen the audit of text information disclosure and the evaluation of the quality of text information disclosure.To strengthen the establishment of post-verification mechanism of text information disclosure.To strengthen the training of qualified and professional investors,and to strengthen the marketization process of external environment and the development of legal system.