媒体报道与MD&A语调操纵

Media Coverage and Tone Manipulation of Management Discussion and Analysis

“管理层讨论与分析”(MD&A)语调作为传统财务信息的必要和有益补充,越来越引起学术界和实务界的广泛关注。以2008—2019年中国资本市场A股上市公司为研究样本,考察媒体报道对MD&A语调操纵的影响。研究发现,媒体报道显著增加了MD&A语调操纵。进一步分析表明,管理层对于媒体正面报道进行了更多正向语调操纵以迎合投资者预期,而对于媒体负面报道倾向则实施负向语调操纵。此外,产权性质、超额薪酬和审计监管环境是重要的影响因素,具体表现为获取超额薪酬的自利动机增强了管理层借助媒体报道操纵语调的倾向,而国有企业尤其是中央国有企业以及审计监督削弱了媒体报道与管理层语调操纵的关系。

As a necessary and beneficial supplement to traditional financial information,the tone of management discussion and analysis(MD&A)has attracted more and more attention in the academic circle and practitioners.Taking Chinese A-share listed companies from 2008 to 2019 as the research sample,this paper examines the impact of media reports on MD&A tone manipulation.The study found that media reports significantly increased MD&A tone manipulation.Further analysis shows that by weighing the costs and benefits of manipulation,the management has conducted more positive tone manipulation for positive media reports to meet the expectations of investors.While for negative media reports,they no longer publish guiding positive expectations and tend to implement negative tone manipulation.In addition,the nature of property rights,excess compensation and audit supervision environment are important influencing factors.Specifically,the self-interest motivation to obtain excess compensation enhances the tendency of management to manipulate the tone with the help of media reports;however,the intensity of audit supervision in state-owned enterprises,especially central state-owned enterprises,weakens tone manipulation through media reports.