Business taxonomies are indispensable tools for investors to do equity
research and make professional decisions. However, to identify the structure of
industry sectors in an emerging market is challenging for two reasons. First,
existing taxonomies are designed for mature markets, which may not be the
appropriate classification for small companies with innovative business models.
Second, emerging markets are fast-developing, thus the static business
taxonomies cannot promptly reflect the new features. In this article, we
propose a new method to construct business taxonomies automatically from the
content of corporate annual reports. Extracted concepts are hierarchically
clustered using greedy affinity propagation. Our method requires less
supervision and is able to discover new terms. Experiments and evaluation on
the Chinese National Equities Exchange and Quotations (NEEQ) market show
several advantages of the business taxonomy we build. Our results provide an
effective tool for understanding and investing in the new growth companies.

提出了一种从企业年报内容中自动构建商业分类法的新方法，使用贪心亲和力进行概念层次聚类，结果表明这可以在新兴市场上理解和投资新的增长公司提供有效工具。