证券市场导报Issue(8)：44-55,12.
创新"多言寡行"如何引发股价崩盘风险?
摘要
Abstract
Certain firms have expressed innovative situations in their annual reports that deviate from reality,resulting in"all talk and no action"in innovation.Based on annual reports of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,the paper innovatively constructs an indicator measuring the"all talk and no action"behavior in enterprises'innovation and empirically examines its impact on stock price crash risk and the underlying mechanism.The paper finds that the"all talk"behavior in innovation attracts more positive media coverage,exacerbates analyst earnings forecast biases,and stimulates investors'irrational optimism,thereby elevating market expectations and short-term stock prices.However,when a company's actual performance fails to materialize or external events trigger a reassessment of the company's true innovation capabilities,market sentiment may reverse sharply,potentially leading to concentrated sell-offs and increased stock price crash risk.Further analysis reveals that the increased stock price crash risk primarily stems from overstated innovative achievements,rather than innovation goals,endowments,or progress.The impact of the"all talk and no action"behavior in innovation on stock price crash risk is both long-lasting(persisting for at least four years)and broadly present(no matter whether it is a high-tech company or not).External monitoring by independent directors and internal incentives through managerial shareholding can restrain management's speculative behavior,mitigating the adverse effect of the"all talk and no action"behavior in innovation on stock price crash risk.This paper deepens the understanding of the"all talk and no action"phenomenon in innovation and holds reference implications for preventing and resolving risks in the capital market.关键词
创新信息披露/多言寡行/股价崩盘风险/误导信息使用者Key words
innovation information disclosure/all talk and no action/stock price crash risk/misleading information users分类
管理科学引用本文复制引用
陈柏彤,肖翔,戈心怡..创新"多言寡行"如何引发股价崩盘风险?[J].证券市场导报,2025,(8):44-55,12.基金项目
中央高校基本科研业务费专项资金资助"披露过度还是披露不足?——基于创新成果和知识产权文本信息披露的不对称性研究"(2024YJS129) （2024YJS129）
