Text information is an important enterprises' information disclosure. Empirical results on the Chinese A-share listed companies from 2010 to 2020 demonstrate that management net tone significantly affects corporate financing constraints with a U-shaped relationship, implying that it initially has a positive effect on alleviating financing constraints and then tends to be negative as the tone increasesbeyond the inflection point (0.591), namely “the more positive tone, the less amount of financing”. The mechanism analysis indicates that management net tone affects corporate financing constraints by attracting analyst attention. And the mechanism of the role of star analysts differs from that of non-star analysts.In addition, the quality of textual disclosure can have a heterogeneous effect on the relationship between management net tone and financing constraints. This paper extends the research on the effects of text tone on financing constraints, which can provide empirical evidence for information users, especially small and medium-sized investors, to use information rationally and offer decision-supports for listed companies and regulators to improve the quality of information disclosure.