Taking the Chinese annual reports of 2007—2015 as the sample, this paper first improves English readability formulas, and on the basis of an analysis, constructing “Motivation Constraint Style” index about managerial manipulation. We find that corporate performance, corporate governance and managerial style have significant effect on annual report readability. As the motivating factors of managerial readability manipulation, the annual reports of firms with worse current profitability are harder to read. As the constraint’s factors, the influence of corporate governance is but limited, which is more prominent in private enterprises. As personal factors, management size, gender, age and other indicators of managerial style have a significant impact on annual report readability. That is, to maintain a high executive team of diversity, specialization, reasonable rate of women executives, more young executives, higher level of education. Finally, this paper not only expands the research field of impression management theory and relevant perspectives, but also has some enlightening meanings for our information disclosure system.