The Impact Of Annual Report Text Information Disclosure On Stock Liquidit

The annual report is an important channel for the management of listed companies to transmit information to the outside world,and also an important basis for investment decisions of market participants.The information disclosed in the annual report includes numerical information and text information.Among them,numerical information has always been a hot topic in the field of financial accounting.The innovation of modern media forms and the development of modern communication technology have formed a huge amount of information,and unstructured data accounts for a large proportion.At the same time,with the rapid development of computer language and text mining technology,text information has gradually attracted the attention of theoretical and practical circles.Text content provides a large amount of incremental information,which has become a hot issue in academic research,especially the language harmony and readability of annual reports.However,the impact of information disclosure in the annual report on stock liquidity has not been widely concerned.Based on this,this paper selects the Chinese A-share listed companies from 2011 to 2021 as the research sample.Firstly,download the annual reports of Chinese A-share listed companies in Shanghai and Shenzhen from the http//www.cninfo.com.cn through crawlers.With the help of python computer language,the format of the annual report is converted to calculate the language and readability indicators of the annual report text.Secondly,collect and sort out the relevant data of listed companies,build a linear regression model between the intonation,readability and stock liquidity of the annual report text,and investigate the relationship between the intonation,readability and stock liquidity of the annual report text.Thirdly,in order to explore the impact mechanism of annual report text information disclosure on stock liquidity,this paper constructs an intermediary effect model to empirically test whether analyst attention and media attention play an intermediary role in the process of annual report text information disclosure affecting stock liquidity.Finally,considering that the relationship between the information disclosure of the annual report text and the stock liquidity may change under different circumstances,this paper uses the method of grouping regression to test the heterogeneity.The empirical results show that: After replacing the measurement method and re estimating the variables,this conclusion is still robust.(2)The results of mechanism analysis show that analysts’ attention and media attention play a part of intermediary role in the process of the impact of the tone and readability of the annual report text on stock liquidity.(3)The heterogeneity analysis shows that compared with state-owned enterprises,enterprises located in areas with high legal level,and enterprises with high information quality,among non-state-owned enterprises,enterprises located in areas with low legal level,and enterprises with low information quality,the intonation and readability of annual report texts play a more significant role in improving stock liquidity.The results of this study remind stakeholders to pay attention to the text information of the annual report,enrich the research on the text information disclosure of the annual report,and provide an important reference for the regulatory authorities to improve and formulate the annual report information disclosure standards and laws and regulations.