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

作　　者：原东良 郝盼盼 马雨飞 YUAN DongLiang;HAO PanPan;MA YuFei(Business School, Nankai University, Tianjin 300071;School of Accounting, Shanxi University of Finance and Economics, Taiyuan 030006;Business School, Nanjing University, Nanjing 210093)

机构地区：[1]南开大学商学院,天津300071 [2]山西财经大学会计学院,山西太原030006 [3]南京大学商学院,江苏南京210093

出　　处：《财贸研究》2021年第7期83-98,共16页Finance and Trade Research

基　　金：天津市研究生科研创新项目“民营企业战略决策中的企业家‘国企烙印’效应研究”(2020YJSB027);教育部人文社会科学基金项目“城市群内企业创新投资联动研究:证据、动因及后果”(19YJC630050);山西省软科学项目“企业家活力对企业创新投资的驱动力研究——以山西省县域高新技术企业为例”(2018041052-5)。

摘　　要：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.

关 键 词：期望绩效反馈 印象管理策略 语调操纵 

分 类 号：F275[经济管理—企业管理]