Corporate Intonation Management And Insider Reduction

Excess revenue often comes from excess information.For the relevant research of listed companies in China,the focus in the past has often been on the digital information disclosed by listed companies,such as annual financial data,stock data,etc.,which makes the traditional data research relatively mature.With the rapid development of computer technology and the application of big data analysis,the focus of research at home and abroad is gradually shifted to unstructured data,such as text information,picture information,video,etc.Although there are a lot of empirical studies on the text information published by Listed Companies in foreign countries,but due to the slow development of domestic computer technology and the late start of text data analysis,the relevant empirical research literature is limited.Among them,the case study that listed companies use tone management in information disclosure to manipulate the stock price to reduce the holding of major shareholders is even rarer.This thesis takes Beijing OURPALM Technology Co.,Ltd.,a listed company in the game industry as an analysis object.Based on the literature review at home and abroad,the literature research method,case analysis method and data analysis are used.Based on the perspective of text tone management of major shareholders,the relevant text information content published by the company is researched.The results show that when its own development is greatly restricted by industry competitors,and its own profitability is gradually weakening,and its internal financial situation is gradually deteriorating,the company uses the tone management to issue an annual financial report with an unusually positive tone,which makes the company’s stock price Rapidly rise in the short term.The major shareholders of OURPALM chose to reduce their holdings at the high point of rising stock prices,which enabled the major shareholders of the company to achieve self-interest in a very short period of time.After the insiders used the tone management to choose the opportunity to reduce their holdings,the abnormally positive media reports released by the media reduced certain operating risks for the major shareholders to reduce their holdings.In addition,analysts’ optimistic bias towards corporate stock prices has also helped companies maintain relatively stable operations.The imperfect regulations of the regulatory layer and the inadequate implementation of media supervision have provided conditions for corporate insiders to use information asymmetry for stock selection and shareholdingreduction.Since China’s capital market is still in an emerging market in a transitional economy,the tone regulation of information disclosure of listed companies is still at a blank stage,and the direct cost of tone management by managers is very low or none.Therefore,managers have a strong motivation to manage intonation for their own benefit.Therefore,the new management method of tone management should be paid more attention to by the market,to avoid infringement of the interests of corporate stakeholders,and to maintain the stable development of the market.