文章基于2013—2021年我国A股上市公司数据，研究控股股东股权质押对管理层讨论与分析（MD&A）文本信息粉饰的影响，并分析机构投资者异质性对二者关系的调节作用。研究发现：控股股东在进行股权质押后，会策略性地粉饰MD&A文本信息;压力抵制型机构投资者对股权质押与MD&A文本信息粉饰之间的关系发挥负向调节作用，压力敏感型机构投资者未发挥调节作用;进一步分析发现，在融资约束程度高、企业声誉差、信息不对称程度高的企业中，控股股东粉饰MD&A文本信息的动机更强，压力抵制型机构投资者的监督作用也更强。对此，今后应加强对控股股东的监管，制定年报文本信息披露细则，优化机构投资者结构，促进我国资本市场良性发展。

Based on the data of China’s A-share listed companies from 2013 to 2021, this paper explores the impact of controlling shareholders’ equity pledge on MD&A text information embellishment, and analyzes the moderating effect of institutional investor heterogeneity on the relationship between the two. The results show that controlling shareholders will strategically whitewash MD&A text information after equity pledge; Pressure-resistant institutional investors play a negative moderating role in the relationship between equity pledge and MD&A text information embellishment, while pressure-sensitive institutional investors do not play a moderating role. Further analysis shows that in enterprises with high financing constraints, poor corporate reputation and high degree of information asymmetry, controlling shareholders have stronger motivation to whitewash MD&A text information, and the supervision role of pressure resistant institutional investors is also stronger. In this regard, it is of great necessity to strengthen the supervision of controlling shareholders in the future, formulate detailed rules for the disclosure of annual report text information, optimize the structure of institutional investors, and promote the healthy development of capital market in China.