中小股东群体负面情绪对管理层讨论与分析语调管理的影响OA北大核心CHSSCD

In conventional corporate governance structures,minority shareholders often passively play the role of"silent lambs"or"vote with their feet"to deal with the dilemma of discourse power.However,with the devel-opment of the Internet,the emergence of social media has provided a new platform for minority shareholders to speak out and achieve equal dialogue with listed companies.Based on the data of A-share listed companies in Chi-na from 2010 to 2021,this paper uses the post information of investors on Eastmoney to study the impact of minority shareholders'negative sentiment on MD&A tone management. The results show that minority shareholders'negative sentiment have a"driving effect"on MD&A tone man-agement.The mechanism analysis shows that minority shareholders'negative sentiment on social media may trigger stock market fluctuations and increase business risks.This drives companies to use MD&A positive tone manage-ment to reduce investors'negative emotions,thereby achieving the goal of stabilizing stock prices and avoiding busi-ness risks.The heterogeneity analysis of"information transmission risk"shows that the more investor interaction and media attention a company receives,the higher the risk of negative information contagion.In companies with greater investor interaction and higher levels of attention from online or print media,the"driving effect"of minority shareholders'negative sentiment on MD&A tone management is more pronounced.Regulatory mechanism tests re-veal that enhancing information transparency,internal corporate governance level,and external institutional quality help supervise and mitigate opportunistic behavior by management,thereby suppressing the"driving effect"of mi-nority shareholders'negative sentiment. The possible contributions of this paper are as follows.Firstly,it expands the research perspective on negative emotions of minority shareholders.Existing research suggests that emotional statements of minority shareholders on social media can trigger punishment and regulatory mechanisms in the capital market,thus improving reliability of accounting information.This paper,from the perspective of text intonation,finds that minority shareholders'nega-tive sentiment has a driving effect on MD&A tone management.Secondly,it enriches research on MD&A tone man-agement.There have been studies on its influencing factors from aspects of external regulation,company strategy,and executive characteristics.However,this paper explores the impact of investor sentiment on MD&A tone man-agement.Thirdly,this paper studies the transmission path of minority shareholders'negative sentiment on MD&A tone management,and distinguishes the heterogeneity of positive MD&A tone management in different contexts,providing partial incremental information for improving investors'information interpretation ability and making ra-tional decisions.Fourthly,this paper finds that enhancing information transparency,internal corporate governance level,and external institutional has a governance effect on MD&A intonation management behavior.This provides reference for strengthening the supervision of text information disclosure and improving the efficiency of capital mar-ket information transmission in China.