Text information management of annual report and stock price crash risk : -- Based on Text Analysis Technology

With the help of text analysis technology and data analysis technology, this paper takes the annual reports of China’s A-share non-financial listed firms from 2010 to 2018 as research samples to explore the relationship between text information management and stock price crash risk based on agency theory and information asymmetry theory. The results are as follows: The text information management of China’s A-share non-financial listed firms’ annual reports will increase the risk of stock price crash. Findings of this paper have important implications for the construction of the financial narrative disclosure system.