绩效落差对企业年报异常积极语调的影响

The Effect of Underperformance on the Abnormal Positive Tone of Firms’Annual Report

为了验证绩效落差诱发企业不当行为的可能性,并探究历史期望与社会期望的内在差异,以2008~2019年A股上市公司为样本,研究发现:历史期望落差与企业年报异常积极语调负相关,而社会期望落差与企业年报异常积极语调正相关;企业的内部控制缺陷及外部治理水平对上述关系起调节作用。

Few studies have considered that underperformance also may induce improper behaviors of firms.Moreover,most studies ignore that the connotations of historical and social aspirations are not the same.Using the data of A-share listed companies from 2008 to 2019,we make an empirical analysis and draw the following conclusions.With the increase of historical underperformance,the abnormal positive tone of corporate annual reports will be significantly reduced,but with the increase of social underperformance,the abnormal positive tone of corporate annual reports will increase significantly.Internal control defects and external governance can moderate the relationship between underperformance and annual report abnormal positive tone.