企业年报阅读难易程度的衡量与影响因素研究——基于管理者操纵视角

以我国2007—2017年上市企业年报文本信息为研究对象,基于委托代理背景下的印象管理理论,从驱动、约束、风格三个维度分析易读性运用的影响因素。研究结果表明:企业绩效与易读性水平显著正相关,是易读性操纵的驱动因素;民营企业的盈利水平会显著驱动高管对易读性水平的操纵,而从长期公司价值的角度来看,不同所有制公司之间操纵的动机无显著差别;公司治理水平对管理者操纵年报易读性的抑制作用较为有限,监事会规模能发挥有效作用;保持高管团队的多样性和专业程度、提高女性高管占比、高管团队年轻化、提高受教育程度,均在提升年报易读性水平方面能够起到积极作用。

Corporate Annual Report Readability Measurements and Related Factors:An Analysis Based on Managerial Manipulation

Taking the Chinese annual reports of 2007—2015 as the sample,this paper first improves English readability formulas,and on the basis of an analysis,constructing“Motivation-Constraint-Style”index about managerial manipulation.We find that corporate performance,corporate governance and managerial style have significant effect on annual report readability.As the motivating factors of managerial readability manipulation,the annual reports of firms with worse current profitability are harder to read.As the constraint’s factors,the influence of corporate governance is but limited,which is more prominent in private enterprises.As personal factors,management size,gender,age and other indicators of managerial style have a significant impact on annual report readability.That is,to maintain a high executive team of diversity,specialization,reasonable rate of women executives,more young executives,higher level of education.Finally,this paper not only expands the research field of impression management theory and relevant perspectives,but also has some enlightening meanings for our information disclosure system.