关键词: 胡润百富榜, 年报可读性, 公众关注度

Abstract: At present, the content of annual reports of not a few listed companies is hard to understand with lower readability, which is difficult to be understood by the investors, so that the investors are difficult to make investment decisions by taking advantage of the annual report information. This article selects the enterprises, whoseactual controllers appear on Hurun Chinese Rich List for the first time, as the research samples, and explores the impact of the entrepreneurs, who have been on the the list of the“Hurun Report”, on the annual report readability of the companies actually controlled by these entrepreneurs. The findings show that entrepreneurs appealing on the“Hurun Rich List”will decrease the annual report readability of the companies actually controlled by these entrepreneurs. Further mechanism analysis reveals that after the entrepreneur appears on the“Hurun Rich List”, the public's attention to the companyactually controlled by him will be increased, which will reduce the readability of the company's annual report. The heterogeneity analysis shows that the reduction in the readability of the annual reports of companies controlled by entrepreneurs who appear on the Hurun Rich List is more significant in enterprises with poor internal control quality, higher degree of earnings management, small shareholding ratio of institutional investors, and lower audit quality. Therefore, the investors should improve their ability to filter and identify company information, the listed companies should reduce the asymmetry of internal and external information, and the market regulators should further improve the information disclosure system of listed companies.

Key words: Hurun China rich list, readability of annual report, public attention