Intonation Manipulation Of Listed Companies And Reduction Of Major Shareholders

With the advent of the era of big data,data has infiltrated into various industries and fields.Most previous research on information disclosure of listed companies in China is based on traditional financial data.With computer technology development,the research focus has gradually shifted to unstructured data,such as text information,picture information,and video.Since the domestic text data analysis based on computer technology started late,few case studies on listed companies used intonation emotion in the information disclosure to influence stock price and reduce their holdings.This paper takes Le TV Information Technology(Beijing)Co.,Ltd.,a listed company in the Internet industry,as the analysis object.On the basis of the literature review at home and abroad,we adopt the literature research method,case analysis method and data analysis.Based on the perspective of text intonation management of management and the major shareholders,the relevant text information content published by the company is studied.The results showed that Le TV colluded with news media,manipulated the tone of company-related news reports,and published unusually positive news reports when profitability was weakened and financial conditions deteriorated,causing the company's stock price to rise rapidly in the short term.Le TV's major shareholders chose to reduce their holdings at the high point when the stock price rose to cash in profits.In addition,analysts' optimistic bias towards corporate performance also helps companies maintain relatively stable operations.The imperfection of relevant regulatory laws and regulations,the inadequate implementation of media supervision,and Le TV's own "dominant share" shareholding structure provide conditions for management and major shareholders to take advantage of information asymmetry to hold down their shares.Due to the low cost of intonation manipulation and the supervision of relevant laws and regulations is still at a blank stage,the current phenomenon of management and major shareholders taking advantage of the information and using intonation manipulation to choose opportunities to reduce their holdings is frequent.Therefore,the tone manipulation of listed companies should be given sufficient attention to prevent the interests of small and medium investors from being infringed and maintain the stable development of the market.