穿透“信息迷雾”:语调操纵如何抑制真实盈余管理?

Penetrating the "Information Fog": How Does Tone Manipulation Suppress Real Earnings Management?

中文关键词: 语调操纵  真实盈余管理  投资者信心  信息不对称  公司治理

英文关键词: tone manipulation  real earnings management  investor confidence  information asymmetry  corporate governance

中文摘要:

      真实盈余管理凭借其结构性隐匿特征持续侵蚀财务信息质量，而管理层语调操纵的治理效能始终深陷理论争议。基于信号传递等理论，本文以2005—2023年中国A股上市公司为样本，运用“中介——调节”效应分析方法，系统解构语调操纵的治理机制。研究发现:1)管理层语调操纵对真实盈余管理具有显著抑制作用，异常积极语调成为管理层替代真实盈余管理的策略工具;2)投资者信心发挥关键中介作用，管理层语调操纵可通过提升投资者信心，抑制管理层的真实盈余管理行为;3)信息不对称程度在语调操纵与真实盈余管理之间发挥正向调节作用，信息不对称程度越高，语调操纵对真实盈余管理的抑制作用越显著。研究结果丰富了盈余管理治理领域的相关研究，为监管部门规范上市公司信息披露行为、提升财务信息质量提供了理论参考和政策建议。

英文摘要:

      Real earnings management continues to erode the quality of financial information by virtue of its structural concealment characteristics, and the governance effectiveness of management tone manipulation has always been deeply involved in theoretical controversy. Based on the signal transmission theory, this paper takes Chinese A-share listed companies from 2005 to 2023 as samples, and uses the "mediation-moderation" effect analysis method to systematically deconstruct the governance mechanism of tone manipulation. The research results show that: 1) Management tone manipulation has a significant inhibitory effect on real earnings management, and abnormal positive tone has become a strategic tool for management to replace real earnings management; 2) Investor confidence plays a key mediating role. Management tone manipulation can inhibit management's real earnings management behavior by enhancing investor confidence; 3) The degree of information asymmetry plays a positive moderating role between tone manipulation and real earnings management. The higher the degree of information asymmetry, the more significant the inhibitory effect of tone manipulation on real earnings management. The research results enrich the relevant research in the field of earnings management governance, and provide theoretical reference and policy suggestions for regulatory authorities to standardize the information disclosure behavior of listed companies and improve the quality of financial information.