经济管理

报告以文本分析方法为例，围绕着文本产生、作用、算法、编程四个方面展开。报告人结合自己的最新研究对大数据时代文本分析方法在管理领域的应用展开讨论，介绍文本编码常见算法，诸如词典法、文档向量化、词向量等，分享此类研究的过程和要点。Application of Text Analysis in Economics and Management Research 西安交通大学管理学院孙少龙老师。...

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....

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A股上市公司基本信息...