管理者如何在投资者沟通中构建资本预算

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2026-07-01 Epub Date: 2026-06-09 DOI:10.1016/j.jcorpfin.2026.103033

Robert Battalio, Tim Loughran, Bill McDonald

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引用次数: 0

摘要

我们创建了一个包含46个资本预算术语的词典，并记录了2010年至2023年收益电话会议中经理们对资本预算语言的使用情况。大公司的经理们产生了更积极的财务业绩，他们倾向于更多地谈论资本预算。当公司的净收入为负时，经理们更经常使用非公认会计准则术语EBITDA。提及回报而非净现值的公司规模较小，研发强度较低，成立时间较短。最后，我们在电话会议期间记录了资本预算语言使用与明年的托宾Q之间的统计显著负相关。

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How managers frame capital budgeting in investor communications

We create a lexicon of 46 capital budgeting terms and document managers' use of capital budgeting language in earnings conference calls from 2010 to 2023. Managers of large firms generating more positive financial performance tend to talk more about capital budgeting. Managers use the non-GAAP term EBITDA significantly more often when a company's net income is negative. Companies that mention payback rather than net present value are smaller in size, have lower R&D intensity, and are younger. Finally, we document a statistically significant and negative relation between capital budgeting language usage during the call and next year's Tobin's Q.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.