贵州财经大学学报

贵州财经大学学报 ›› 2022 ›› Issue (06): 43-53.

• 金融经济 • 上一篇    下一篇

管理层"问官答花"会加剧企业股价崩盘风险吗——基于业绩说明会问答文本的分析

邱静, 杨妮   

  1. 贵州财经大学 会计学院, 贵州 贵阳 550025
  • 收稿日期:2022-03-10 出版日期:2022-11-15 发布日期:2022-11-30
  • 作者简介:邱静(1978—),女,浙江黄岩人,贵州财经大学教授,博士生导师,研究方向为会计与资本市场;杨妮(1989—),女,贵州贵阳人,贵州财经大学博士研究生,研究方向为会计理论与方法。
  • 基金资助:
    国家社会科学基金一般项目"注册制下IPO公司机会主义行为及治理研究"(17BJY212)。

Do the Irrelevant Answers of the Executives Can Increase the Risk of Share Price Collapse - An Analysis Based on the Text of the Q&A Session of the Earnings Presentation

QIU Jing, YANG Ni   

  1. School of Accounting, Guizhou University of Finance and Economics, Guiyang, Guizhou 550025, China
  • Received:2022-03-10 Online:2022-11-15 Published:2022-11-30

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摘要： 基于2005到2020年A股上市企业样本,检验业绩说明会上高管策略性回答的后果及机制。研究发现,管理层说明会上的策略性回答(即"问官答花")短期内可掩盖企业坏消息、提升非理性投资者情绪,长期则是以增加企业股价崩盘风险为后果。而进一步分析发现,管理层针对前瞻信息(战略规划和持续经营)问题采取策略性回答更易引致股价崩盘风险的增加。可知,"问官答花"作为策略性的披露手段,短期内虽一时有利,但长期将引致企业消极经济后果。

关键词: 股价崩盘风险, 策略性回答, 投资者情绪, 机会主义

Abstract: Using a sample of firm-year observations from the Chinese stock market for the period 2005 to 2020, we examine the economic consequences and mechanisms of strategic disclosures of executives at earnings presentations. The results show that executives’ strategic responses can cover the bad news and cause irrational investor sentiment in a short time, with the result of increasing the risk of share price collapse. Further analyses show that executives’ strategic responses to the questions about forward-looking issues, such as strategic planning issues and future operating issues are more likely to increase the risk of stock price collapse. It is clear that " answer beside the point" is an opportunistic tactic that is beneficial in the short time but will lead to negative economic consequences in the long turn.

Key words: strategic answers, risk of share price collapse, investor sentiment, opportunism

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