积极型还是防御型:期望绩效反馈与年报印象管理策略——来自管理层语调向上操纵的证据

Positive or Defensive?Expected Performance Feedback and Impression Management Strategy of Annual Report:Evidence from Upward Manipulation in Management Tone

以2009—2019年所有A股上市公司为研究样本,通过年度报告中“管理层讨论与分析”部分文本信息语调的向上操纵测度印象管理,深入探究期望绩效反馈对年报印象管理策略的影响。研究发现:当上市公司面临正向期望绩效反馈时,实际绩效高于期望绩效的程度越高,年报印象管理程度越高,即上市公司在年报披露过程中采用了积极型印象管理策略。在克服内生性问题,并经过一系列稳健性检验之后,该研究结论依然成立。异质性检验结果表明,在产权性质为国有,市场化进程、分析师关注度和媒体关注度低的情况下,正向期望绩效反馈对年报印象管理的影响更强。

Taking all A-share listed companies from 2009 to 2019 as research samples,this paper explores the impact of expected performance feedback on impression management strategy in annual reports through upward manipulation of measure impression management in text information tone of“management discussion and analysis”in annual reports.Research shows that when listed companies face positive expected performance feedback,the higher the actual performance is than the expected performance,the higher impression management degree of annual report.That is,listed companies adopt positive impression management strategy.After overcoming the endogeneity problem and passing the robustness test,the conclusion is still valid.Further research shows that in the case of state-owned firms,low marketization process,analysts’attention and media attention,positive expected performance feedback has a greater impact on the impression management degree of annual report.