Empirical Study Of The Attribution Information Manipulation And The Effect Factor In Listed Companies

Language information such as attribution information provides an opportunity formanagement、shareholders and other stakeholders t to communicate freely, it is not only asupplement explanation and illustration to the data information, but also is the expansionand extension of data information, its purpose is to provide investors with decision makingincremental information. Research at home and abroad has generally found that themanagement of listed companies exsits self-interest attribution tendencies when theyexplain the reasons for the company performance changes. As external information users,how to utilize the relevant information to identify the real reason of the change of thecompany’s performance, and not be blinded by management conscious impressionmanagement is a very worthy of study. This article will introduce Kelly Three-dimensionalattribution theory into the field of attribution information recognition. And make empiricalresearch on the influencing factors of the manipulation of attribution information. Thisresearch helps strengthen the regulation of attribution information quality, and improve thetransparency of attribution information disclosure.This article uses the three standards (specificity、consistency、continuity) of KellyThree-dimensional attribution theory identify the reasons position for changes in operatingresult, building recognition model of performance attribution position under the financialreport. I select722companies of the operating results declined in2012Shanghai andShenzhen A-share board as the samples, using the model to identify the reasons for thedecline is the result of external factors such as macroeconomic policy or internal factorscaused by company management measures. Then recognizing59companies whose resultsdecline was due to internal reasons. Compared with attribution information the company’sannual report disclosed, I find that28companies only disclose the external causes,9companies do not disclose any reason, existing the phenomenon of manipulating theattribution information. Secondly, the article uses logistic regression method verify the relationship of the internal governance structure of listed companies and manipulationattribution information of the operating results show that ownership concentration andattribution information manipulation inverted U-shaped. Independent directors proportionhas negative correlation with attribution information manipulation, Equity-balance、theequity-nature、board size、stock-management、chairman and CEO combination have nosignificant effect on the attribution manipulation. Based on the conclusion, this paperproposes some suggestions, for example, establish an effective attribution informationdisclosure system、the performance attribution information into the CPA audit scope、establish punishment mechanism、improve the internal governance structure，in order tofurther standardize information disclosure of listed companies and improve the quality ofinformation disclosure.