Author(s)

Zhuoyi Xiao ¹, Jianzhuang Sun ¹, Huixin Yu ¹, Guanlin Lu ¹

Affiliation(s)

¹ Shandong University of Finance and Economics, Shandong, Jinan, 250000, China

Corresponding Author

Zhuoyi Xiao

ABSTRACT

In recent years, equity pledges have been widely used as a financing method by major shareholders of listed companies and have become the norm in the Chinese stock market, while at the same time, the risks they entail are part of the picture that cannot be ignored. In order to explore whether there is tone manipulation by management and its impact on investors. First, this study uses python to crawl the contents of the "Ask the director" module of 720 companies on the Oriental Fortune website between 2018 and 2020, and uses LM sentiment analysis and LDA topic model to process and analyze the crawled director's responses and obtain the management tone of each company in different years as research data. In addition, we use the data in the Guotaian database. In addition, the OLS model was established using the data of relevant listed companies in the Guotaian database to conduct empirical analysis. The research in this paper has implications for investors' investment decisions and for securities regulators' intelligent monitoring of the content of board secretaries' communication with investors.

KEYWORDS

Python, equity pledge, tone manipulation, LM sentiment analysis, LDAs

CITE THIS PAPER

Zhuoyi Xiao, Jianzhuang Sun, Huixin Yu, Guanlin Lu, Text analysis based on Ask the director module of Oriental Fortune website. Financial Engineering and Risk Management (2022) Vol. 5: 7-13. DOI: http://dx.doi.org/10.23977/ferm.2022.050402.

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