ST紫鑫MD&A文本语调操纵研究
Research on Intonation Manipulation in ST Zixin MD&A Text

研究基于信息不对称理论和信息传递理论，以ST紫鑫作为案例进行研究，以2010年至2022年年报中管理层讨论与分析(MD&A)文本信息、财务数据和相关的行业数据，运用经验分析、Python网络爬虫技术、文本分析等方法对MD&A文本语调操纵进行衡量，再去与剔除盈余管理后的利润率对比分析。研究发现，在案例企业剔除盈余管理后的利润率降低时，MD&A中的正面词汇使用频率异常增加，管理层可能有意识地使用乐观的语言来平衡或掩饰不利的财务表现。本研究的结论对于理解上市公司如何通过非财务信息尤其是语言和语调来影响投资者决策具有一定的意义。
Based on the theories of information asymmetry and information transmission, this study takes ST Zixin as a case study, and uses management discussion and analysis (MD&A) text information, financial data, and related industry data in the annual reports from 2010 to 2022. Empirical analysis, Python web crawling technology, text analysis, and other methods are used to measure MD&A text tone manipulation, and then compared with the profit margin after excluding earnings management. Research has found that when the profit margin of a case company decreases after removing earnings management, the frequency of positive vocabulary in MD&A increases abnormally, and management may consciously use optimistic language to balance or conceal unfavorable financial performance. The conclusion of this study has certain significance for understanding how listed companies influence investor decisions through non-financial information, especially language and tone.