从年报印象管理的视角看我国海外上市公司（H股）的非财务信息披露

发布时间：2018-04-12 21:03

本文选题：年报 + 非财务信息披露　；参考：《中国海洋大学》2014年硕士论文

【摘要】：本文选取了60家中国海外上市公司（H股）的英文年报作为样本，从年报印象管理的角度对公司的非财务信息披露进行了实证研究。公司管理层在年报中的印象管理通常有两种方式：在语言形式上操纵可读性和在语言内容上进行自利性归因。对于样本年报的可读性，作者分别计算了样本总体的平均Flesch可读性分值和平均Fog可读性分值，两个可读性数值都表明我国海外上市公司（H股）的英文年报在总体上处于“难以阅读”或“非常难以阅读”的范畴，，会对大多数的利益相关者产生阅读障碍，这表明我国海外上市公司非财务信息披露的质量不高，信息沟通的有效性亟待提高。作者将样本年报按照基本每股收益的年变化率平均分为两组，分别对Flesch可读性数值和Fog可读性数值进行了配对样本的T检验，检验结果表明业绩优秀的公司与业绩不佳的公司，其年报的可读性不存在显著性的差异，本研究并未发现中国海外上市公司（H股）的管理层有通过操纵年报可读性进行印象管理的迹象。同时，作者选取了可读性相差悬殊的两份公司年报进行了可读性的案例分析，结果表明可读性不佳的年报其平均每句包含的单词较多、复杂词汇在文中的比例较高、文章层次混乱且缺乏逻辑性。对于样本年报的自利性归因情况，作者选取了同一个行业内业绩相差较大的两家公司，截取其年报中关于业绩分析的内容进行案例分析。从年报语言的内容上来看，管理层有意识或无意识进行自利性归因的倾向十分明显。管理者在业绩不佳时更多地将原因归结为外部环境的恶劣，而在业绩良好时却更倾向于把原因归结为自己优秀的管理水平和不懈努力之上。综上，我国海外上市公司（H股）英文年报的总体可读性不高，非财务信息披露的质量仍然有待提高。同时，本研究未发现海外上市公司管理有通过操纵可读性来进行印象管理的迹象，但是通过设计语言内容来进行自利性归因的印象管理行为较为普遍。
[Abstract]:This paper selects the English annual report of 60 Chinese overseas listed companies (H shares) as a sample and makes an empirical study on the disclosure of non-financial information from the perspective of annual report impression management.There are usually two ways to manage the impression of management in the annual report: manipulating readability in language form and attributing self-interest in language content.For the readability of the sample annual report, the average Flesch readability score and the average Fog readability score of the sample population are calculated, respectively.Both readability figures show that the English annual reports of our overseas listed companies (H shares) are generally in the category of "hard to read" or "very difficult to read," creating dyslexia for most stakeholders.This indicates that the quality of non-financial information disclosure of overseas listed companies is not high, and the effectiveness of information communication needs to be improved.The sample annual report was divided into two groups according to the average annual change rate of basic earnings per share. The T test of Flesch readability and Fog readability were carried out respectively. The results showed that the companies with excellent performance and those with poor performance were tested.There is no significant difference in the readability of the annual report. This study does not find that the management of the overseas listed companies (H shares) in China has any evidence of impression management by manipulating the readability of the annual report.At the same time, the author selected two company annual reports with different readability to carry on the case analysis of readability. The results show that the poor readability annual report contains more words per sentence on average, and the proportion of complex words in the text is higher.The article is chaotic and lacks logic.For the self-interest attribution of the sample annual report, the author selects two companies with different performance in the same industry, and intercepts the content of the performance analysis in the annual report for case study.From the content of annual report language, the tendency of conscious or unconscious self-interest attribution is obvious.Managers tend to attribute the reasons to the bad external environment when their performance is poor, but they tend to attribute the reasons to their excellent management level and unremitting efforts when their performance is good.Generally speaking, the English annual report of overseas listed companies (H shares) in China is not high in readability, and the quality of non-financial information disclosure still needs to be improved.At the same time, this study does not find that overseas listed companies have any signs of impression management by manipulating readability, but the impression management behavior of self-interest attribution through the design of language content is more common.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F279.2;F831.51;F275

【参考文献】