关键词: 党组织参与治理, 年报语调操纵, 代理成本, 中介效应

Abstract: Taking China's A-share listed companies from 2008 to 2018 as the research object, this paper empirically tests the inhibitory effect of party organizations' participation in governance on the tone manipulation of listed companies' annual reports. The study finds that the participation of party organizations in corporate governance effectively suppresses the tone manipulation of annual reports, and agency costs plays an intermediary role in the relationship between party organizations' participation in governance and the tone manipulation of annual reports of listed companies. In addition, the group inspection results based on the nature of enterprises show that the party organization's participation in the governance of the board of supervisors has a more significant inhibitory effect on the tone manipulation of the annual report in the sample of state-owned enterprises, but the party organization's participation in the governance of the board of directors does not show a difference in the nature of property rights. Further research shows that in the case of high market investor sentiment index and greater economic policy uncertainty, the governance effect of party organizations' participation in governance on the tone manipulation of listed companies' annual reports is more significant.

Key words: Party Organization Participation in Governance, Annual Report Tone Management, Agency Cost, Mediation Effect