管理层利用年报语调配合盈余管理了吗?
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摘要
现代企业所有权与经营权的分离导致了信息不对称,使得经理人有机会利用自身的信息优势和自由裁量权,有目的地干预盈余的产生和报告过程,进而实现自身利益的最大化。通过整理2001～2014年上市公司披露的年报文本,系统考察了管理层如何通过对年报语调的操纵来配合公司的盈余管理活动。研究发现,公司盈余管理水平与管理层语调呈显著正相关关系。具体来讲,当管理层进行向上的盈余管理时,盈余管理水平越高,管理层语调越正面;相反,当管理层进行向下的盈余管理时,盈余管理水平越低,管理层语调越负面。进一步的研究显示,当公司信息透明度较低、股票不能进行卖空交易时,公司盈余管理水平对管理层语调的影响更为显著。研究有助于信息使用者更合理地利用公司年报文本资料进行决策,提高社会资源配置效率。
The separation of the ownership and the management in modern enterprises leads to information asymmetry, which gives managers the op-portunity to use their own information advantage and discretion power to purposefully intervene the generation and reporting process of earnings,and then realize the maximization of their own interests. By sorting out the annual reports of listed companies from 2001 to 2014, this paper sys-tematically examines how the management adjusts the annual report's tone to cooperate with the earnings management activities of the company.The study finds that there is a significant positive correlation between earnings management level and management tones. Specifically, when man-agement makes upward earnings management, the higher the level of earnings management is, the more positive the management tones are. Con-versely, when management makes downward earnings management, the lower the level of earnings management is, the more negative the manage-ment tones are. Further research shows that when the company's information transparency is low and stocks cannot be short-sold, the impact of the company's earnings management level on management tone is more significant. This paper is helpful for information users to make more rational use of the company's annual report text information for decision-making, and improve the efficiency of social resource allocation.
The separation of the ownership and the management in modern enterprises leads to information asymmetry, which gives managers the op-portunity to use their own information advantage and discretion power to purposefully intervene the generation and reporting process of earnings,and then realize the maximization of their own interests. By sorting out the annual reports of listed companies from 2001 to 2014, this paper sys-tematically examines how the management adjusts the annual report's tone to cooperate with the earnings management activities of the company.The study finds that there is a significant positive correlation between earnings management level and management tones. Specifically, when man-agement makes upward earnings management, the higher the level of earnings management is, the more positive the management tones are. Con-versely, when management makes downward earnings management, the lower the level of earnings management is, the more negative the manage-ment tones are. Further research shows that when the company's information transparency is low and stocks cannot be short-sold, the impact of the company's earnings management level on management tone is more significant. This paper is helpful for information users to make more rational use of the company's annual report text information for decision-making, and improve the efficiency of social resource allocation.
引文
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[16] DECHOW P M,HUTTON A P,MEULBROEK L K,SLOAN R G.Short-sellers,fundamental analysis,and stock returns[J]. Journal of finance economics,2001,61(1):77-106.
[17] GRIFFIN P A. A league of their own? Financial analysts'responses to restatements and corrective disclosures[J]. Journal of accounting,auditing and finance,2003,18(4):479-518.
[18] Henry E. Are investors influenced by how earnings press releases are written?[J]. Journal of business communication,2006,45(4):363-407.
[19] PRICE S M,DORAN J S,PETERSON D R,et al. Earnings conference calls and stock returns:the incremental informativeness of textual tone[J]. Journal of banking and finance,2012,36(4):992-1011.
[2] LOUGHRAN T,MCDONALD B. When is a liability not a liability?Textual analysis,dictionaries,and 10-Ks[J]. Journal of finance,2011,66(1):35-65.
[3] BAGINSKI S,DEMERS E,WANG C,YU J. Contemporaneous verification of language:evidence from management earnings forecasts[J]. Review of accounting studies,2016,21(1):165-197.
[4]谢德仁,林乐.管理层语调能预示公司未来业绩吗?——基于我国上市公司年度业绩说明会的文本分析[J].会计研究,2015(2):20-27.
[5] LEWELLEN W G,PARK T,RO B T. Self-serving behavior in managers'discretionary information disclosure decisions[J]. Journal of accounting and economics,1996,21(2):227-251.
[6] NAGAR V,NANDA D,WYSOCKI P. Discretionary disclosure and stock-based incentives[J]. Journal of accounting and economics,2003,34(1-3):283-309.
[7] LI F. Annual report readability,current earnings,and earnings persistence[J]. Journal of accounting research,2008,45(2-3):221-247.
[8] DAVIS A K,TAMA-SWEET I. Managers'use of language across alternative disclosure outlets:earnings press releases versus MD&A[J]. Contemporary accounting research,2012,29(3):804-837.
[9] HUANG X,TEOH S H,ZHANG Y. Tone management[J]. The accounting review,2014,89(3):1083-1113.
[10] FELDMAN R,GOVINDARAJ S,LIVNAT J,SEGAL B. Management's tone change,post earnings announcement drift and accruals[J]. Review of accounting studies,2010,15(4):915-953.
[11] DAVIS A K,GE W,MATSUMOTO D A,et al. The effect of managerial"style"on the tone of earnings conference calls[J]. Review of accounting studies,2015,20(2):639-673.
[12] TETLOCK P C. Giving content to investor sentiment:the role of media in the stock market[J]. Journal of finance,2007,62(3):1139-1167.
[13] BLOOMFIELD R J. The"incomplete revelation hypothesis"and financial reporting[J]. Accounting horizons,2002,16(3):233-243.
[14] DRAKE M S,REES L L,SWANSON E P. Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers[J]. The accounting review,2011,86(1):101-130.
[15] DESAI H,KRISHNAMURTHY S,VENKATARAMAN K. Do short sellers target firms with poor earnings quality? evidence from earnings restatements[J]. Review of accounting studies,2006,11(1):71-90.
[16] DECHOW P M,HUTTON A P,MEULBROEK L K,SLOAN R G.Short-sellers,fundamental analysis,and stock returns[J]. Journal of finance economics,2001,61(1):77-106.
[17] GRIFFIN P A. A league of their own? Financial analysts'responses to restatements and corrective disclosures[J]. Journal of accounting,auditing and finance,2003,18(4):479-518.
[18] Henry E. Are investors influenced by how earnings press releases are written?[J]. Journal of business communication,2006,45(4):363-407.
[19] PRICE S M,DORAN J S,PETERSON D R,et al. Earnings conference calls and stock returns:the incremental informativeness of textual tone[J]. Journal of banking and finance,2012,36(4):992-1011.
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