{"title":"上市公司财报沟通会基调与贸易信贷融资","authors":"Shen Luo, Yuanhui Li","doi":"10.1016/j.frl.2024.106354","DOIUrl":null,"url":null,"abstract":"<div><div>Earnings communication conference serves as a key channel for information disclosure in China, providing incremental information to the capital market. Using data from Chinese A-share listed firms from 2007 to 2021, this research reveals that management's tone at the earnings communication conference significantly promotes trade credit financing. Mechanism tests suggest that management's tone facilitates trade credit financing by enhancing information transparency. Further analyses demonstrate that the aforementioned effect is more pronounced for firms facing higher market competition and supplier concentration while lower level of attention from analysts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106354"},"PeriodicalIF":7.4000,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The tone of earnings communication conferences and trade credit financing of listed companies\",\"authors\":\"Shen Luo, Yuanhui Li\",\"doi\":\"10.1016/j.frl.2024.106354\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Earnings communication conference serves as a key channel for information disclosure in China, providing incremental information to the capital market. Using data from Chinese A-share listed firms from 2007 to 2021, this research reveals that management's tone at the earnings communication conference significantly promotes trade credit financing. Mechanism tests suggest that management's tone facilitates trade credit financing by enhancing information transparency. Further analyses demonstrate that the aforementioned effect is more pronounced for firms facing higher market competition and supplier concentration while lower level of attention from analysts.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"70 \",\"pages\":\"Article 106354\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-10-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324013837\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324013837","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
盈利沟通会是中国信息披露的重要渠道，为资本市场提供了增量信息。本研究利用 2007 年至 2021 年中国 A 股上市公司的数据，揭示了管理层在盈利沟通会上的语气对贸易信贷融资的显著促进作用。机制检验表明，管理层的语气通过提高信息透明度促进了贸易信贷融资。进一步的分析表明，上述效应对于面临较高市场竞争和供应商集中度，同时分析师关注度较低的企业更为明显。
The tone of earnings communication conferences and trade credit financing of listed companies
Earnings communication conference serves as a key channel for information disclosure in China, providing incremental information to the capital market. Using data from Chinese A-share listed firms from 2007 to 2021, this research reveals that management's tone at the earnings communication conference significantly promotes trade credit financing. Mechanism tests suggest that management's tone facilitates trade credit financing by enhancing information transparency. Further analyses demonstrate that the aforementioned effect is more pronounced for firms facing higher market competition and supplier concentration while lower level of attention from analysts.
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