管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (5): 206-220.

• 会计与财务管理 • 上一篇    

媒体报道与年报文本语气操纵：对媒体治理角色的再审视

吕可夫1, 于明洋2, 刘晨3, 阮永平4   

  1. 1. 中国农业大学经济管理学院, 北京 100083;
    2. 中央民族大学管理学院, 北京 100081;
    3. 上海立信会计金融学院会计学院, 上海 201620;
    4. 华东理工大学商学院, 上海 200237
  • 收稿日期:2022-06-14 发布日期:2025-06-18
  • 作者简介:吕可夫，中国农业大学经济管理学院讲师，博士；于明洋（通讯作者），中央民族大学管理学院助理教授，博士；刘晨，上海立信会计金融学院会计学院讲师，博士；阮永平，华东理工大学商学院教授，博士生导师，博士。
  • 基金资助:
    国家自然科学基金面上项目(71672057)

Media Reports and Tone Manipulation of Annual Reports: A Reexamination of the Role of Media Governance

Lv Kefu1, Yu Mingyang2, Liu Chen3, Ruan Yongping4   

  1. 1. College of Economics and Management, China Agricultural University, Beijing 100083;
    2. School of Management, Minzu University of China, Beijing 100081;
    3. School of Accounting, Shanghai Lixin University of Accounting and Finance, Shanghai 201620;
    4. School of Business, East China University of Science and Technology, Shanghai 200237
  • Received:2022-06-14 Published:2025-06-18

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摘要： 媒体在公司治理中的异化效应正逐渐被学术界认识：媒体报道的轰动效果，能够对被报道的公司形成市场压力。本文以2007-2020年A股上市公司为研究样本，探讨媒体报道对上市公司年报文本语气操纵的影响。研究发现媒体报道会增加管理层的年报文本语气操纵行为。从时态来看，语气操纵既涉及历史性信息，也涉及前瞻性信息；从内容来看，语气操纵主要涉及业绩、经营、投资、融资、会计及监管等相关信息。并且，本文还发现在媒体报道压力下管理层的年报文本语气操纵会改善投资者印象、调动投资者情绪、增加分析师乐观预期，在一定程度上实现了管理层的印象管理动机。调节效应表明，管理层的印象管理动机越强，即当市场参与者关注度越高、上市公司当年有并购或再融资预案时，媒体报道对年报文本语气操纵的影响越大。拓展研究发现，在媒体报道的压力作用下，管理层还会增加数字信息操纵。并且，这两种操纵行为之间存在互补效应，当数字信息操纵越严重时，年报文本语气操纵行为越加明显。最后，通过经济后果检验发现，媒体关注压力越大，管理层的年报文本语气操纵行为越会显著提高公司的资产误定价水平，严重危害资本市场的有序良性发展。

关键词: 媒体报道, 文本语气操纵, 印象管理, 资产误定价

Abstract: The dissimilation effect of media in corporate governance is gradually recognized by academia:the sensational effect of media reports can form market pressure on the reported companies. Based on the data of A-share listed companies from 2007 to 2020, this paper discusses the impact of media reports on the tone manipulation of annual reports text of listed companies. The findings show that media reports increase the tone manipulation of the annual reports text. From a temporal perspective, tone manipulation involves both historical information and forward-looking information. From a content perspective, tone manipulation primarily concerns information related to performance, operations, investments, financing, accounting and regulatory matters. Moreover, this paper also finds that under the pressure of media reports, the management's tone manipulation of the annual report text can improve investor impression, mobilize investor sentiment and increase analyst optimism, which can realize the management' s impression management motivation to a certain extent. The moderating effect shows that the more motivated a listed company's management is to manage impression, the greater influence media reports have on the tone manipulation of the annual report text, especially when more attention is paid by the market participants and the listed company has a merger or refinancing plan in the year. The extended texts find that under the pressure of media coverage, management also increases the manipulation of digital information. Moreover, there is a complementary effect between the two manipulations. The the more severely digital information is manipulated, the more obviously annual report text is tone-manipulated. Finally, through the economic consequences test, we find that when the pressure of media attention is greater, the tone manipulation behavior of the management's annual report text will significantly increase the level of mispricing of the company's assets, which seriously endangers the orderly and benign development of the capital market.

Key words: media reports, text tone manipulation, impression management, asset mispricing