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文章延续信息操纵与股价崩盘的理论分析框架，基于夸大正面信息的视角，检验创新文本信息语调的股价崩盘效应。研究发现，企业创新文本信息语调越积极，股价崩盘风险越高。进一步研究发现，创新文本信息语调的“信息增量”效应和“印象管理”效应分别在研发投入高、盈余管理程度高时占据主导地位。机制检验表明，投资者情绪和信息透明度强化了创新文本信息语调的股价崩盘效应。异质性检验发现，当企业创新活动质量低、创新文本信息前瞻性高、行业竞争大时，创新文本信息语调的股价崩盘效应更大，而知识产权保护、媒体关注及分析师追踪会弱化上述效应。本文的研究为监管部门完善非财务信息披露制度，督促企业提高创新文本信息语调的可靠性，维护金融市场安全稳定具有重要意义。
Abstract：Continuing the theoretical framework of information manipulation and stock price crashes, this study examines the stock price crash effect of innovation narrative tone from the perspective of positive information exaggeration. The results show that the more positive the tone of corporate innovation narrative information, the higher the risk of stock price crashes. Further analysis reveals that the “information increment” effect and the “impression management” effect dominate when R&D investment is high and when earnings management is high, respectively. Mechanism tests indicate that investor sentiment and information transparency strengthen the crash effect of innovation narrative tone. Heterogeneity analysis shows that the crash effect of innovation narrative tone is more pronounced when the quality of corporate innovation activities is low, the forward-looking nature of innovation narrative information is high, and industry competition is intense. In contrast, intellectual property protection, media attention, and analyst coverage weaken this effect. This study provides important implications for regulatory authorities to improve non-financial information disclosure systems, encourage enterprises to enhance the reliability of innovation narrative tone, and maintain the safety and stability of financial markets.
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(1)https://www.yicai.com/news/5027792.html。
(2)https://xueqiu.com/5653226222/322746233 _ugc_source=ugcbaiducard。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2026.04.007
中图分类号:F832.51;F273.1
引用信息:
[1]侯聪聪,宋婕,肖梦瑶.创新文本信息语调存在操纵行为吗?——来自股价崩盘风险的证据[J].商业经济与管理,2026,No.414(04):97-116.DOI:10.14134/j.cnki.cn33-1336/f.2026.04.007.
基金信息:
天津市哲学社会科学规划青年项目“地缘风险下‘链主’企业ESG引领链上企业高质量‘出海’的机制与路径研究”(TJYJQN25-17)
2025-10-10
2025
2026-06-03
2026
1
2026-04-15
2026-04-15