Share Pledge of Controlling Shareholders and Information Disclosure of R & D Text of the Annual Report

Recently, the impact of share pledges on information disclosure of listed companies has been a hot topic. To explore the disclosure of the amount and tone of the R & D text information in the annual reports during the pledge period of the controlling shareholders’ shares, this thesis use python programming to crawl the R & D text data for the 2014-2021 annual reports of A-share listed companies. The study found that during the pledge of the controlling shareholders’ shares, the company will reduce the amount of R & D text information in the annual report and is more likely to disclose positive R & D text and cover up negative R & D information. The research conclusion of this paper has certain policy reference significance for regulatory authorities.