年报语调、分析师关注度与商誉减值——基于固定效应模型和调节效应的研究

Annual Report Tone, Analyst Attention and Goodwill Impairment—Research Based on Fixed Effect Model and Regulatory Effect

摘要: 本文选取2014~2020年沪深A股公司样本，考察上市公司信息披露方式中较为重要的年报所表达出的管理层语调与企业合并产生的商誉减值之间的反相配合关系。由结果可知：年报中管理层所体现出的净语调与商誉减值计提的比例为正向促进关系，同时，年报中管理层的净语调与商誉减值概率也为正相关关系。而进一步的研究结果表明，在分析师高度关注的上市公司中，年报中管理层净语调与商誉减值份额和商誉减值可能性间的正相关关系都会得到明显减弱。

Abstract: This paper selects a sample of Shanghai and Shenzhen A-share companies from 2014 to 2020, and examines the inverse relationship between the management tone expressed in the more important annual reports of listed companies’ information disclosure methods and the party’s goodwill im-pairment caused by business mergers. It can be seen from the results that the ratio of the net tone reflected by the management in the annual report and the provision of goodwill impairment is a positive relationship, and the net tone of management in annual reports is also positively associated with the probability of goodwill impairment. Further findings suggest that the positive relationship between management’s net tone in annual reports and both the share of goodwill impairment and the probability of goodwill impairment are significantly weakened in listed companies with high analyst interest.