Sentimental Tendency, Public Opinion Attention And Innovation Performance Of Annual Reports Of Listed Companie

This paper uses natural language processing technology to conduct text analysis on the 2011-2011 annual reports of listed companies in China,and conducts empirical research based on relevant data.Research has found that there is a positive correlation between the emotional tendency of the disclosed annual report text information and the innovation performance of enterprises,that is,the more positive the tone of the annual report,the greater the degree of innovation development of enterprises.As a kind of information channel,the public opinion of traditional media delivers the production and operation of enterprises to the capital market and possible stakeholders,which alleviates the information asymmetry between enterprises and the outside world,shortsighted tendencies and other problems,and plays a mesomeric effect.And online social media supports the market pressure hypothesis,showing a significant masking effect in the correlation between emotional tendencies in annual report text information and corporate innovation performance.At the same time,alleviating financing constraints also plays a significant mediating role in the logical chain of the article’s main assumptions.In addition,the management discussion and analysis section in the annual report of a company also shows a significant positive correlation between its tone and emotional tendencies and corporate innovation,but its correlation is weaker than that of the complete annual report.However,overall,the mediating or masking effect played by traditional media public opinion attention and online social media platform public opinion attention has not changed.Therefore,on the one hand,investors should attach importance to the textual information disclosed by enterprises,pay attention to media and social media public opinion,and reasonably analyze the implied meaning of report writing;On the other hand,management should be actively guided to actively manage the quality of disclosed text information while taking measures to standardize the information disclosure behavior of listed enterprises and establish a sound information disclosure system.In addition,the media should play a supervisory and governance role,paying public attention to the possible semantic manipulation behavior of enterprises.At the same time,relevant departments should improve relevant laws and regulations,and strengthen supervision of information disclosure.The above suggestions are conducive to alleviating information asymmetry in the capital market and improving investment and financing efficiency.