经济与管理2025，Vol.39Issue(6)：83-91,9.
机构投资者"分心"与企业年报可读性
Institutional Investors"Distraction"and Corporate Annual Report Readability
摘要
Abstract
Based on the limited attention theory,this study examines the impact and mechanisms of the"distraction"phenomenon caused by attention allocation differences among institutional investors on the readability of corporate annual reports,using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2024.The findings reveal that institutional investors'distraction sig-nificantly reduces the readability of corporate annual reports.Mechanism tests indicate that institutional investors'distraction exacer-bates both the motivation and capability of management to manipulate textual information in annual reports,thereby worsening their readability.Further analysis shows that the negative effect of institutional investors'distraction on report readability is particularly pro-nounced in subsamples where dedicated institutional investors experience distraction,in MD&A sections of annual reports,and among companies with lower analyst coverage and media attention.This research provides insights for enhancing institutional investors'role and promoting stable capital market development in the new era.关键词
机构投资者/"分心"/有限关注/注意力配置/年报可读性/文本信息披露Key words
institutional investors/"distraction"/limited attention/attention allocation/annual report readability/textual information disclosure分类
经济学引用本文复制引用
王星月,汪涛,张力派..机构投资者"分心"与企业年报可读性[J].经济与管理,2025,39(6):83-91,9.基金项目
国家自然科学基金资助重点项目(71732002) （71732002）
