Do investors listen for the meanings behind executives' words in China? Based on the management tones data in earnings communication conferences of Chinese listed companies from 2005 to 2012,this paper investigates this issue by using textual analysis method.It finds that the investors react positively to net positive management tones,especially negatively to the negative management tones.The findings suggest that,in highly "sense" context of Chinese culture,investors do listen for the meanings behind executives' words;management tones are informative and earnings communication conferences of Chinese listed companies have their values.Moreover,the results indicate that "bag of words" approach and tone words list are applicable to some extent in the Confucian culture context and are worthy of further study.