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经济分析中的文本数据

Text as Data in Economic Analysis
Journal of Economic Perspectives · 2025 · Hassan, Tarek A.、Hollander, Stephan、Kalyani, Aakash、van Lent, Laurence、Schwedeler, Markus、Tahoun, Ahmed

中文摘要

本文探讨如何运用计算语言学技术分析大量非结构化的企业生成文本,以服务于经济分析。作为一个核心示例,我们展示了如何通过对收益电话会议记录进行文本分析,揭示市场与单个企业对经济冲击(如核灾难或地缘政治事件)的反应——这些洞见往往难以从传统的非文本数据来源中获得。这一方法能够提取具有可操作性的信息,为政策制定和企业战略决策提供支持。我们还探讨了利用其他企业生成文本来源的应用,包括专利文件与招聘广告。将计算语言学技术引入对经济冲击的分析,为实时经济数据开辟了新的机遇,有助于在经济波动时期更细致地理解市场与企业的反应。

Abstract

This article discusses how to apply computational linguistics techniques to analyze largely unstructured corporate-generated text for economic analysis. As a core example, we illustrate how textual analysis of earnings conference call transcripts can provide insights into how markets and individual firms respond to economic shocks, such as a nuclear disaster or a geopolitical event: insights that often elude traditional non-text data sources. This approach enables extracting actionable intelligence, supporting both policy-making and strategic corporate decision-making. We also explore applications using other sources of corporate-generated text, including patent documents and job postings. By incorporating computational linguistics techniques into the analysis of economic shocks, new opportunities arise for real-time economic data, offering a more nuanced understanding of market and firm responses in times of economic volatility.
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