Fraud of listed companies not only sharply reduce the credibility of financial reports，but also seriously damage the legitimate rights and interests of investors. Using 2007-2019 A-share listed companies as a research sample，taking text analysis to identify visual information such as “distance”，“difficulty”，“emotion”of the annual report non-financial information，and discussing the company’s response to the annual report text after a listed company violates regulations. This study find that after a listed company violated regulations，the similarity of the company’s annual report text information decreases，the complexity increases，and the tone becomes more optimistic. At the same time，the regular changes in the above-mentioned text characteristics are mainly reflected in the groups with strong violating intentions，more opportunities，strong demand, and low exposure probability，indicating that it is a strategic behavior for the company to use annual report text information to carefully conceal violations. In addition，the meticulous concealment of violations by listed companies has weakened the short-window market response，aggravated the phenomenon of post-earnings announcement drift，and increased the stock price crash risk.