摘要
党的二十届三中全会强调完善市场信息披露制度,而年报语调操纵是影响企业年报信息披露质量的重要因素。基于此,选取2008—2022年我国A股上市公司数据为样本,实证研究连锁股东对企业管理层年报语调操纵的影响。研究发现,连锁股东能够抑制管理层年报语调操纵行为;影响机制分析发现,连锁股东能通过缓解融资约束、降低代理成本两条路径来抑制管理层年报语调操纵行为;进一步分析发现,在管理层权力较大、企业所处行业成长性较高以及地区市场化程度较高三种情况下,连锁股东对管理层年报语调操纵行为的抑制作用更显著。基于此,监管机构要引导企业完善信息披露制度,引导形成连锁股东网络;企业要给予连锁股东足够的重视;投资者要增强文本信息解读能力。
The Third Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the improvement of the market information disclosure system,while tone manipulation in annual report is an important factor affecting the quality of information disclosure in corporate annual reports.Based on this,this study selects the data of A-share listed companies in China from 2008 to 2022 as samples to empirically investigate the influence of chain shareholders on tone manipulation of corporate management s annual report.Research has found that chain shareholders can suppress management s tone manipulation in annual reports.Analysis of the impact mechanism reveals that chain shareholders can suppress management s manipulation of annual report tone through two pathways:alleviating financing constraints and reducing agency costs.Further analysis reveals that the restraining effect of chain shareholders on management s annual report tone is stronger under high managerial power,more robust industry growth,and greater marketization.Based on this,it is suggested that regulatory agencies should guide enterprises to improve their information disclosure system and form a chain of shareholder networks,enterprises should give sufficient attention to chain shareholders,and investors need to enhance their ability to interpret textual information.
作者
韩金红
马成蛟
Han Jinhong;Ma Chengjiao(School of Accounting,Xinjiang University of Finance and Economics,Urumqi 830012,China)
出处
《无锡商业职业技术学院学报》
2025年第5期63-74,共12页
Journal of Wuxi Vocational Institute of Commerce
基金
国家自然科学基金地区科学基金项目“新冠疫情与管理层自愿性信息披露:基于交通管制及信息阻塞的研究”(72262030)
新疆维吾尔自治区研究生科研创新项目“连锁股东与企业数字化转型”(XJ2023G247)
新疆财经大学校级科研基金项目高层次人才专项“现金储备决策具有战略效应吗?”(2022XGC061)。
关键词
连锁股东
年报语调操纵
融资约束
代理成本
chain shareholders
tone manipulation in annual reports
financing constraints
agency costs
