<p>In recent years, there has been a rise in research on the economic consequences of Management tone. However, previous studies have paid little attention to exploring the internal mechanism between management tone and financial performance. Basing on incremental information theory, the goal of the study is to clarify the impact of management tone on financial performance and financial constraints’ internal mechanism between them, as well as moderating role of Growth. Using 9948 data of listed companies in China over the period 2005 to 2019, we find that management tone of earnings communication conferences has a positive effect on financial performance. Financial constraints play a mediating role between management tone and financial performance. Growth plays a moderating role between financial constraints and financial performance. This study contributes to the management tone literature by providing new evidence that management tone has information value and can predict companies’ future development prospects, thereby further supporting incremental information theory. The finding that management tone of earnings communication conferences can promote financial performance by easing companies’ financial constraints is novel, which extends the internal mechanism between management tone and financial performance. Moreover, the finding that growth plays a moderating role between financial constraints and financial performance adds a new idea for exploring the reasons for disagreement in the academic community on the effectiveness of management tone.</p>