【作者】 刘昱熙；

【导师】 胡玉明；

【作者基本信息】 暨南大学 ， 会计学， 2007， 博士

【摘要】 目前,在全世界范围内,在年度报告中披露“管理层讨论与分析”(Management’s Discussion and Analysis,简称MD&A)信息都被认为是提高公司财务报告质量的一个至关重要的一环。本文以“管理层讨论与分析”这一特定信息作为研究对象,将MD&A信息的供给与需求作为贯穿本研究理论基础分析及实证研究主体的主要研究思路,对中国上市公司MD&A信息披露问题进行了系统的研究。本研究理论基础和制度背景分析结论包括:MD&A信息的供给与需求作为矛盾的统一体,它们在相互作用的过程中共同决定着MD&A信息质量;目前中国相关的MD&A信息披露制度设计还过于简陋,与美国成熟的MD&A信息披露制度相比还存在一定的差距,需要从各方面对其加以完善。实证研究分信息供给和信息需求两部分进行。在MD&A信息的供给方面,本文首先采用内容分析法对中国上市公司MD&A信息披露的现状进行分析,发现总体上中国上市公司在遵循准则要求进行MD&A披露上仍做得不够,其中前瞻性信息披露、自愿性信息披露、原因分析披露等都存在很大的提高空间;接下来,本文采用多元回归分析方法对影响上市公司遵循年报准则进行MD&A信息披露的主要因素进行了检验,研究发现公司盈利能力、行业属性、再融资需求、审计机构的权威性、公司所在地是否为发达地区及董事长与总经理是否兼任对上市公司MD&A信息披露都有一定程度的影响,但公司规模对上市公司MD&A信息披露不产生显著影响。在MD&A信息的需求方面,本文主要从直接需求和间接需求两个方面进行研究,通过对机构投资者进行问卷调查本文获得了投资者对MD&A信息的直接需求表现的证据,发现机构投资者对于年报中MD&A信息的重要性和有用性都较为认可,但仍存在一定程度的不满意;在对中国上市公司MD&A信息披露的价值相关性的实证研究中,本文构建了另一个内容分析框架,利用固定时期效应模型对食品饮料及医药生物两个行业四年的MD&A信息披露的面板数据进行了检验,结果发现MD&A信息综合披露得分指数与上市公司当期及下一期的财务绩效具有正相关关系,从而说明MD&A信息是有用的,为投资者对MD&A信息的需求提供了实证结果的支持。文章最后从MD&A信息披露规定的完善和证券市场相应制度的建设两方面提出了完善中国MD&A信息披露制度的政策建议。更多还原

【Abstract】 At present,disclosing Management Discussion and Analysis(MD&A) information in annual report is believed very important to improve the quality of financial report within the whole world.This paper follows the thread of MD&A information supply and demand,and takes a systematic theoretical and empirical research on Management Discussion and Analysis information disclosure of Chinese listed companies.The conclusion of the theoretical study and institutional background analysis of this paper includes:the quality of MD&A disclosure is dicided by both supply and demand of MD&A in the course of the two impacting each other;the design of Chinese MD&A information system is still very simple comparing with America and need to improve from various aspects.The Empirical Study concludes two parts,that is information supply and information demand.In the respect of MD&A supply,this paper first investigates the MD&A disclosure condition of Chinese listed companies using content analysis method and finds,overall,on the aspect of complying with requirements,the MD&A disclosure of Chinese listed companies is insufficient.There has a big improving space of forward-looking information disclosure,voluatary information disclosure and cause analysis disclosure.Next,this paper examines the factors which influencing the MD&A disclosure,the result indicates that the company profitability,industry attribute,refinancing need,authority of auditing body,company location and whether board chairman and CEO is the same person exert influences to listed companies’ MD&A disclosure in varying degrees,while the company size has no significant influence to it.In the respect of MD&A demand,this paper carries out research from direct and indirect demand.Through the questionnaire survey to institutional investors,this paper gains the direct evidence of the investors’ needs to MD&A,and finds Chinese institutional investors are comparatively approving with the importance and usefulness of MD&A,but they also comparatively dissatisfied with it.In the empirical study of the value relevance of MD&A,this paper uses the panel data,selects the MD&As of four years in two industries(that is food & beverage industry and medical industry),and designs another content analysis categorization scheme,and then tests the correlation between the MD&A disclosure score and company performance(both contemporaneous and future performance) using the period-fixed effects model.The result indicates that MD&A disclosure scores is significantly and positively related to the contemporaneous and future performance of listed companies,that means the MD&A disclosure of China is useful.Finally,this paper gives some policy suggestions from the angle of improving the MD&A regulation and constructing the corresponding institution of stock market.更多还原