| “Big Data”have been listed as a national strategy during the China’s 13th Five-Year plan.After the Internet Information Technology,Internet of Things（Io T）,Mobile Computing and Cloud Computing,as a disruptive technology,the Big Data will affect the future of the world’s information environment form many aspects.Finance,as one of the earliest social subjects in social science,which using the quantitative data for both research and practice,should expand the research perspective form the increasing dimensions of dataset with the Big Data thinking.Since the introduction of Portfolio Theory and Efficient Markets Hypothesis（EMH）in the last century,modern financial theory has been developing and improving quickly.However,some“anomalies”have emerged in the financial market and obsessed many scholars for a long time.The theory of behavioral finance,which is rapidly rising in the70s,has made a great contribution,but there are still many“anomalies”which cannot be reasonably explained.Psychology literature believed that human voice,facial expressions and the body language play important roles in the information delivery process.In daily life or social activities,people form the first impression of a stranger quickly through the person’s appearance,speech style and temperament.When enterprise or investor recruiting or do some survey to their target.Using interviews and asking question face to face or by telephone are also important for them to judge whether this subject met their requirement.More importantly,Chinese traditional culture belongs to the typical“high context culture”（Hall,1976）.Compared with foreign countries,Chinese culture is deeply affected by Confucian culture and communication is implicit.In interpersonal communication,people pay more attention to"listening to words,gongs and drums".The information transmission between the two sides of communication is not limited to the content of the language,but often a mood or tone.Change can convey certain key messages.If textual information such as annual reports and announcements is important information for investors‘investment decisions,as an important role of information disclosure in China’s capital market,does the voice of executives of listed companies convey some information in the process of communicating with investors?And can investors get excess returns through listening?In recent years,more and more A-share listed companies in China begin to exchange information and interact with investors through telephone conference.This paper chooses the telephone exchange meeting of investors held by listed companies as the breakthrough point of the above problems.Attempt to answer the following questions:（1）As a voluntary investor teleconference,what factors prompt listed companies to choose to hold and disclose the investor teleconference of listed companies?（2）What role does executive voice play in the transmission of information in these telephone exchanges?（3）Does voice emotion contain incremental information other than text content and text emotion?（4）Can investors"listen to the voice"and get excessive returns from the voice emotions displayed by executives?In order to answer the following questions,the main research contents and conclusions are as follows:Firstly,the empirical analysis of the motivation of the listed companies to disclose the investors‘telephone exchanges.Firstly,this paper raises the question why listed companies are willing to hold and disclose investors‘telephone exchanges.Then,based on the research framework of voluntary information disclosure,it combs the three aspects that may affect the holding and disclosure of investors from the perspective of information asymmetry theory,cost and risk aversion of information disclosure and corporate governance.The influencing factors of the willingness of telephone exchanges are analyzed,and then the corresponding theoretical assumptions are put forward.Then the empirical test is carried out to verify the above hypothesis.Secondly,the empirical analysis of the relationship between executive sentiment and future performance of listed companies.Firstly,this part points out that it is reasonable to infer the reliability of information through emotional changes in the process of people’s interaction and communication.Then the question of whether the emotions displayed by senior managers contain incremental information and whether they can predict the changes of the company’s future fundamentals is discussed.Then the relationship between senior managers‘emotions and future fundamentals is sorted out according to the existing theories and literature.Then the corresponding theoretical hypothesis is put forward,and the above hypothesis is tested empirically.Finally,the empirical research on the voice emotion of executives and investors‘reaction of listed companies.This part first proposes that voice plays an important role in the process of information dissemination.Then,whether investors in capital market will react to the voice emotion of management or not,and then combs the capital market based on the existing literature.Fields and management emotions related theories and literature,and then put forward the corresponding theoretical assumptions,and finally carried out an empirical test.The main conclusions are as follows:（1）The better the performance,the bigger the market value and the higher the level of corporate governance,the more likely companies are to hold and disclose telephone exchanges for investors.In this case,this paper further examines the relationship between senior managers‘voice emotion and company’s future fundamentals as well as capital market reactions in telephone exchanges from the perspective of voice emotion of senior managers in investors’telephone exchanges.The empirical results show that（2）the positive wording and negative wording of senior managers in telephone exchanges.Negative wording contains information about the company’s future performance.Although negative wording appears less frequently,it contains more information.（3）After controlling the information of senior managers‘wording emotions,this paper finds that the negative voice emotions displayed by senior managers still contain important information increments about the company’s future performance.（4）Compared with the statement link of telephone exchanges,senior managers’voice emotions in the question-and-answer link contain more abundant information.（5）Capital market responds asymmetrically to the positive/negative voice emotions of senior managers,which is manifested by investors‘sensitivity and strong reaction to the negative emotions,and their indifference to the positive emotions.This not only proves that investors can really"listen"and get incremental information from the voice of executives.At the same time,it also shows that the information dissemination phenomenon of"good things do not go out,bad things spread thousands of miles"also exists in the capital market.Further research in this paper finds that（6）under different scenarios,there are significant differences in the content of information transmitted through executive voice and emotion.When executives are under high pressure,their negative voice emotions occur more frequently and investors react more strongly.（7）Investors react more quickly to the negative voice emotion of executives,which is reflected in the fact that the capital market quickly incorporates the negative private information contained in the negative voice emotion of executives into the stock price in a relatively short time window.The above conclusions show that although there are abundant studies on information disclosure of listed companies through quantitative or qualitative texts such as financial reports and periodic announcements,the emerging non-traditional ways of information exchange,such as telephone exchanges for investors of listed companies,also have their unique research value,and the voice and emotions of executives are in possession.The information transmission in this market plays an important role.Investors may get more information through the voice and emotions of executives and obtain excess returns.The main innovations of this paper are:（1）This paper is an earlier study on the role of voice in the field of Finance in China.It is also an earlier systematic study of telephone conference of Listed Companies in China.It can enrich and supplement the relevant literature of voluntary information disclosure.（2）The basic database research and technical scheme of teleconference in this paper can better alleviate the information asymmetry in the existing market.It has better application in both academic research field and industry practice.It can also serve and supervise,and help the market to improve the efficiency of information release.At the same time,the application of voice emotion technology can also provide ideas for other financial services such as credit reporting and credit,and expand related business.（3）This paper has enlightening significance for the academic research on sound in the financial field.More scenarios about sound in the financial field await the exploration of more scholars.This paper has policy research value for relevant departments to formulate relevant information disclosure system.It also has policy research value for listed companies to decide whether and how to hold teleconference,investors to increase their understanding of listed companies by participating in teleconference of listed companies or downloading recording documents,according to information such as the emotions of senior Executives‘voices,etc.It has very useful reference value.The significance of this study can be divided into theoretical and practical aspects:（1）From a theoretical point of view,this paper mainly studies the behavior of Chinese A-share listed companies’investor conference call and tries to identify and analyze the managers’voices and emotions,trying to make a study of domestic voluntary information disclosure and multi-dimensional information in the capital market under the background of big data.Academic research on the role of the field provides useful contributions.Early research on information disclosure in China is more at the stage of compulsory disclosure.In recent years,research on voluntary information disclosure has begun to attract attention.As one of the channels of voluntary information disclosure,investor conference call has not been studied by domestic scholars.At the same time,sound,as one of the multi-dimensional data of big data,and image,video and other data are the new directions of future financial research,and domestic research in this area is still in its infancy.Theoretically,it can enrich the relevant literature of voluntary information disclosure of Listed Companies in China,and it is also effective for the study of telephone exchange in China.This paper can not only supplement the information channels outside the traditional information disclosure channels,but also study the internal behavior logic of the core market participants in depth.Moreover,it is based on the investment of listed companies.The voice processing scheme designed for the recording documents of the telephone exchange meeting is also a tentative research work,which can provide reference ideas for the related research in the same field or even across the field,and has certain expanding value;therefore,the content of this paper has important theoretical significance.（2）From a realistic point of view,the conclusions of this study can also provide reference for the SFC to formulate relevant information disclosure policies of telephone exchanges with investors of listed companies,so as to improve and standardize China’s securities market.For investors,the results of this study can also enhance the breadth and depth of information disclosure in teleconference,help market participants identify potential market risks,and also have inspiring practical significance for investors and speculators seeking new securities investment strategies or arbitrage opportunities.It can promote the survival of the fittest in the market,promote price discovery,and even be applied to other financial market segments to improve market efficiency.Future research could extend this line of inquiry in various ways.（1）Using other emotions style or characteristics of voice（pause,timbre,rhythm,etc.）.and combined with a variety of voice analysis methods,the voice of executives is further analyzed.（2）To further explore the details in the earning conference call,such as analyze the language style,turning words,frequency of answering questions of Executives’speeches,and to do further research work in the field of corporate finance and asset pricing combined with the information of executives,analysts and investors‘interaction mode. |
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