：本文采用文本分析方法构建了融资约束指标，在此基础上，实证检验了多个大股 东对企业融资约束的影响以及相应的作用机理。 我们发现，多个大股东的公司有着较低的 融资约束水平。 该结论在控制内生性情况下依然成立。 中介效应模型的检验结果表明，其 他大股东通过抑制控股股东的掏空行为降低了企业融资约束。 进一步的研究结果表明，在 其他大股东具有较强的监督动机和监督能力（大股东数量更多、持股数量之和更大、大股东 之间不容易合谋）、及更好的外部环境（信息环境、法律环境）时，公司的融资约束水平更低， 这些发现在逻辑上为其他大股东的监督假说提供证据支持的同时，也表明大股东发挥监督 作用降低企业融资约束需要一定条件。 本文为完善中国情景下的融资约束指标构建、更好 度量中国企业融资约束提供了有益参考；同时，为股权结构安排的经济后果提供了新的证据 支持。...
每个上市公司 MD&A 信息不可避免地在某种程度上与同行业其他上市公司以及市场其他行业上市公司存在一定的相似性， 甚至某些公司可能直接参考其他公司 MD&A 的表述。 可以将与行业其他公司或其他行业的公司重复或相似的信息定义为不具有信息含量的内容，同时将不同的信息定义为真正具有信息含量的内容，简称为信息含量。In this paper ， we discuss the impact of informative content of Management Discussion and Analysis （ MD&A ） on stock price crash risk using the method of text vectorization. Using the MD&A in annual reports of China A -share listed firms from 2007 to 2015 ， we find that the informative content of MD&A can reduce future stock price crash risk ， and the informative content of preview section has significant effects on stock price crash risk ， while that of review section does not. After controlling endogeneity ， the conclusions still stand. Further ， we study the influence of informative content of preview section on crash risk from the aspects of readability and information opaqueness. The results show that the higher readability and higher information opaqueness ， the greater impact of informative content has on stock price crash risk. Finally ， after changing the calculation of crash risk ， and controlling the impact of stock price synchronicity ， the informative content of preview section still reduces stock price crash risk. This paper enriches the influencing factors of stock price crash risk and improves the study of the usefulness of MD&A from the perspective of incremental information ， which has important theoretical and practical significance....
使用 经营讨论与分 文本数据，测量企业的数字化指标，代码实现过程参考2021管理世界的一篇论文。This paper conducted a research on the impact of corporate digital transformation on stock liquidity, by means of data from 2007~2018 of A-share listed companies in China. This paper empirically tested the impact,mechanisms and external basic conditions of corporate digital transformation on stock liquidity. The main conclusions are as fol⁃ lows. Firstly, corporate digital transformation has significantly improved the level of stock liquidity. In particular, there are significant asymmetric effects under different corporate attributes and characteristics, which is the digital transformation of non-state-owned enterprises and high-tech enterprises can raise the level of stock liquidity in the market. Secondly, corporate digital transformation can improve the problem of information asymmetry, increase market investors' expectations, and optimize the input and output of enterprise innovation, and therefore improve the quality and efficiency of corporate operations. All of these will contribute to the improvement of corporate stock liquidity. Thirdly, effective external conditions are the important foundation for corporate digital transformation to work effective⁃ ly. Moreover, a good foundation for the development of financial technology plays a positive moderating effect in the "corporate digital transformation—stock liquidity" relationship....
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