会计学院知识库

近几年，我国的上市公司信息披露制度不断完善，上市公司披露的信息数量和信息种类日益增加。虽然规范企业信息披露能够更好地缓解企业与利益相关者的信息不对称进而提高证券市场的交易透明度，但随着爆炸性文字信息量的增长，以往仅仅依靠企业年报中的“三表一注”去判断企业经营业绩的时代已经一去不复返，更丰富的年报文本信息以及信息披露形式诸如社会责任报告、可持续发展报告、公司研报等信息映入利益相关者的眼帘。因此，利益相关者很难在如此庞杂的文字信息量中甄别信息的真实性、可靠性与有用性，且证券市场还未形成对企业文本信息内容的有效监管体系，而企业恰好可能利用印象管理策略抓住投资者的非理性投资预期并利用文本信息达成满足自身私利的目的，从而导致证券市场的信息披露内容质量每况愈下，扰乱了证券市场的正常秩序。所以在我国股价崩盘事件时有发生，主要原因在于管理层出于自利动机刻意隐藏负面信息，根据过度反应理论投资者在这种情况下对负面消息反应不足，对正面消息过度反应，随着负面消息的集中释放进而引发股价崩盘。

本文以安硕信息作为案例公司，对股价崩盘前后采用的印象管理策略客观分析—对业绩变动影响定性与定量分析—针对印象管理策略提出政策建议。第一章节是本文的绪论部分，主要包括研究背景、意义以及研究方法等，第二章节介绍了与文章写作内容相关的三大理论，为案例分析提供理论基础。第三章节是案例介绍，首先是企业发展简介和案例情况的介绍，然后是对股价崩盘事件前因后果进行叙述，为后面的个案分析做好准备，其次是对安硕信息印象管理策略分析，包括基于文本挖掘的印象管理策略和基于信息披露内容的印象管理策略分析。第四章节主要针对安硕信息采取印象管理策略对财务绩效影响分析，包括财务绩效和市场反应两部分。第五章节为针对印象管理策略的相关政策建议，监管部门应重视企业文本信息披露、规范分析师在市场中的非正式制度角色、引导投资者形成理性投资，与此同时上市公司也应加强内部监督，提升企业文本信息披露质量进而与监管机构做到双重治理。

In recent years, China's disclosure system for listed companies has been continuously improved, with an increasing number and variety of information disclosed by listed companies. Although standardizing corporate information disclosure can better alleviate the information asymmetry between enterprises and stakeholders, thereby improving the transparency of securities market transactions, with the explosive growth of textual information, the era of relying solely on the "three statements and one note" in corporate annual reports to judge business performance has gone forever. Richer textual information in annual reports and other forms of information disclosure such as social responsibility reports, sustainability reports, and company research reports have come into the view of stakeholders. Therefore, it is difficult for stakeholders to discern the authenticity, reliability, and usefulness of information among such a vast amount of textual information. Moreover, the securities market has not yet formed an effective regulatory system for the content of corporate textual information, and companies may take advantage of impression management strategies to seize investors' irrational investment expectations and use textual information to satisfy their own selfish goals, leading to a decline in the quality of information disclosure in the securities market and disrupting the normal order of the securities market. Therefore, stock price crashes occur frequently in China, mainly due to management's deliberate concealment of negative information out of self-interest motives. According to the overreaction theory, investors react insufficiently to negative news and overreact to positive news under such circumstances. With the concentrated release of negative news, stock price crashes are triggered.

This article takes Anshuo Information as a case company and objectively analyzes the impression management strategies adopted before and after the stock price crash, including qualitative and quantitative analysis of the impact on performance changes. It also proposes policy recommendations based on the impression management strategies. The first chapter is the introduction part of this article, mainly including the research background, significance, and research methods. The second chapter introduces three major theories related to the writing content of the article, providing a theoretical basis for the case analysis. The third chapter is the introduction of the case, starting with a brief introduction of the company's development and the case situation, followed by a narrative of the causes and consequences of the stock price crash, preparing for the subsequent case analysis. It also analyzes the impression management strategies of Anshuo Information, including those based on text mining and those based on the content of information disclosure. The fourth chapter focuses on the analysis of the impact of Anshuo Information's impression management strategies on financial performance, including both financial performance and market reaction. The fifth chapter provides policy recommendations related to impression management strategies. Regulatory authorities should attach importance to corporate textual information disclosure, regulate the informal institutional role of analysts in the market, and guide investors to form rational investment habits. At the same time, listed companies should also strengthen internal supervision, improve the quality of corporate textual information disclosure, and achieve dual governance with regulatory agencies.