A Study On The Influence Of Stock Exchange Annual Report Inquiry On The Text Information Disclosure Of Listed Companies

The reform of registration system officially opened the important transformation of "information disclosures as the center" of China's securities market supervision mode,and improving the quality of information disclosure of listed companies has become the focus and core concept of securities supervision.Since 2019,as the Shanghai stock exchange kechuang plate and trial registration system set up,the National Silicon Industry Group,Bio-Thera Solutions,Junshi Biosciences,and many other nonprofit company listed on the successful cases,Info Vision Optoelectronic,Road Environment Technology and Risun Intelligent Technology new listed companies such as one after another in the decline of the performance during the report,the listed a series of losses and declining performance event is worthy of thinking deeply the current evaluation of listing standards and values of companies has gradually shifted from traditional financial numerical information such as profitability to non-financial numerical information such as the company's future prospect,business model and brand value.The new Securities Law promulgated and implemented in 2020 clearly puts forward the information disclosure requirements of "concise,clear and easy to understand",and the requirements and norms for the narrative text information in the information disclosure of listed companies have been raised to the legal level.These phenomena and changes indicate that compared with the traditional financial numerical information,the non-numerical and qualitative text information of listed companies has been paid more and more attention.As the annual report is the main carrier of the company's external transmission of information,it occupies a core position in the information disclosure,therefore,the authenticity,accuracy and integrity of the annual report of the Chinese text of information disclosure gradually attracted the wide attention of the capital market participants,but also become a new focus of the current academic circle.How can and how to promote the text information disclosure of the annual report of listed companies in the real sense and ensure that it meets the requirements of the basic principles of information disclosure?It has become an important issue and challenge for the supervision of the securities market.Under the background of the current regulatory transformation of the securities market,the stock exchange annual report inquiry,as an important external governance way of corporate governance,is an innovative measure to realize the daily post-supervision of the annual report and give full play to the front-line regulatory function of the exchange.Based on this,this article based on the basic principle of information disclosure of listed company's overall framework,focusing on the stock exchange information the company annual report external governance perspective,in view of the listed company information disclosure of the annual report text focal point,selecting Shanghai and Shenzhen A-share listed companies in China from 2015 to 2018 as the research sample,using the Python natural language processing technologies in bulk for annual report information and dig deep exchange function and the annual reports of listed companies text messages,From three aspects of tone manipulation,readability and text information content of annual report,this paper systematically explores the influence of stock exchange annual report inquiry on the text information disclosure of listed companies and reveals its influence mechanism and channels,which has important theoretical and practical significance.This paper finally draws the following main research conclusions:(1)The stock exchange annual report inquiry can effectively play its role in the external governance of the company,significantly promote the text information disclosure of the annual report of listed companies,and practically urge the listed companies to implement the basic principles of information disclosure.Specifically,the stock exchange annual report inquiry significantly reduces the tone manipulation of the annual report,and ensures the "authenticity" of the text information disclosure.The stock exchange annual report inquiry significantly improves the readability of the annual report of listed companies,and ensures the "accuracy" of the text information disclosure.No matter in vertical dimension or horizontal dimension,the stock exchange annual report inquiry can significantly improve the text information content of the annual report,and promote the "integrity" of the text information disclosure of the annual report.In addition,the more serious the inquiry degree of the stock exchange's annual report is,the more it can fully play its role in restraints and governance on the opportunistic behaviors of the management's information disclosure in the text of the annual report,that is,the more significantly it can promote the information disclosure in the text of the annual report of listed companies.(2)There is a correlation between the numerical information of annual report and the text information of annual report.In addition to directly promoting the disclosure of the text information of annual report of listed companies,stock exchange annual report inquiry can also indirectly promote the disclosure of the text information of corporate annual report by restraining the manipulation of the numerical information of annual report.Specifically,stock exchange annual report inquiry can effectively reduce corporate manipulative accruals,reduce abnormal optimistic tone,and increase the readability and textual characteristics of the annual report.Compared with the indirect influence,the direct influence is dominant,that is,the stock exchange annual report inquiry can directly promote the text information disclosure of the annual report.In addition,through the study of the influence mechanism,it is also found that the reduction of text similarity in the annual report of listed companies may not really represent the increase of information content in the annual report,and the widely used method of text similarity in the current academic circles to measure the text information content in the annual report may not be perfect.(3)Under different governance environments and internal and external governance mechanisms,the promotion effect of stock exchange annual report inquiry on the text information content of listed companies is obviously different.Specifically,for non-state-owned enterprises and listed companies with low quality of internal control,the inhibition effect of stock exchange annual report inquiry on tone manipulation of their annual report is more obvious;When the process of marketization is high and the number of media reports is large,the effect of stock exchange annual report inquiry on the readability of listed companies will be more obvious.With a higher degree of market competition,the management will provide more characteristic information that is different from other companies,and improve the text information content of the horizontal dimension of the annual report.As for the text information content of vertical annual reports,namely,the text similarity of annual reports,the influence of stock exchange annual reports inquiry is more obvious when the market competition degree is lower.When the number of media reports is large,the promotion effect of stock exchange annual report inquiry on the text information content of listed companies is more obvious.Main characteristics and innovation of this article embodied in: First,this paper innovation based on the basic principle of information disclosure of listed company's overall framework,from the three dimensions of the annual report tone manipulation,annual reports readability and annual report text information systematic,comprehensive to text information disclosure issue of the annals of the full-blown research,enrich the information disclosure of annual reports on city text traditional single research perspective,expand the text research extension of information disclosure.Second,different from existing research,this article selects the stock exchange annual report information this unique way of external governance,analyzes its effect on text information disclosure of annual reports of listed companies,not only make up for the annual reports of listed company information disclosure text the restricting factors of research,and enrich the information about corporate governance effect of the annals of the stock exchange research results,have a certain novelty and uniqueness.Third,considering the correlation between annual report and annual report of numerical information of text,this article will numerical information disclosure of annual report into the research system,build the "stock exchange annual report information,numerical information disclosure of annual report,the annual report text information disclosure" influence mechanism model,for related research provides a more rigorous and complete reference logical chain and new experiences.Fourth,based on computer natural language processing technology,big data is comprehensively applied to the research of annual report text information disclosure,which extends the traditional research methods of text information disclosure,and improves the reliability and persuasiveness of the research conclusions,it has a certain frontier.It innovatively uses Python's sklearn module to construct the feature set of the sample company's annual report and realizes the text vectorization,and simultaneously constructs the measurement variables of the text information content of the annual report from the vertical and horizontal dimensions,which improves and enriches the evaluation and measurement system of the text information content of the annual report.