零售行业上市公司年报“管理层讨论与分析”有用性研究

发布时间：2018-05-26 21:55

本文选题：批发与零售贸易行业 + 管理层讨论与分析　；参考：《西南交通大学》2012年硕士论文

【摘要】：管理层讨论与分析(Management's Discussion and Analysis,简称MDA)是上市公司在定期财务报告中披露的一种文字信息。其通过对财务报表中相关的数据进行文字解析,目的是向投资者及其他利益相关者提示上市公司经营中可能存在的风险和不确定性。MDA主要披露的内容是上市公司管理层分析和评价公司在报告期内的经营情况,以及预测和判断公司下一年度的情况。我国已经规定上市公司在年度报告和中期报告中要求MDA内容作为单独章节披露,由此可见MDA的披露信息具有至关重要的作用。研究MDA是否具有有用性,直接体现在MDA披露信息对投资者的决策是否有价值。目前我国对MDA有用性的全面和深入的研究还存在不足,特别是缺少从分行业的角度来研究MDA信息披露的有用性,所以本文对此进行分析和探讨具有实践意义。本文以批发与零售贸易行业的上市公司2007-2009年度报告中的MDA为研究对象,选取MDA信息披露的成本控制、费用支出、经营规模、重大事件、产品价格、产品销量、无形资产、市场预测、盈余预测和风险对策作为研究变量,首先采用多元回归分析,分别研究MDA与上市公司未来营业收入、未来经营现金净流量的关系。然后采用事件分析法来研究股票市场是否对MDA信息披露存在反应。通过理论研究和实证研究,结果发现我国批发与零售贸易行业的上市公司MDA信息披露内容,总体上对预测公司未来营业收入、经营现金净流量有显著的增量解释能力,而且股票市场对MDA信息披露在一段时间内也做出了一定的反应。但是,研究结果也发现,目前批发与零售贸易行业上市公司管理层对MDA信息披露还存在选择性偏好的现象。最后,本文为投资者及其他利益相关者有效解读批发与零售贸易行业上市公司披露的MDA信息提出了相关建议,并且为证券监管部门对分行业制定MDA信息披露的要求提供了相应的参考。
[Abstract]:Management discussion and Analysis Management Management Discussion and Analysis, (MDAs) is a kind of written information disclosed by listed companies in their regular financial reports. Through text analysis of the relevant data in the financial statements, The aim is to remind investors and other stakeholders of possible risks and uncertainties in the operations of listed companies. The main disclosure of MDA is management analysis and evaluation of the performance of listed companies during the reporting period, And predict and judge the company's next year. China has stipulated that listed companies require MDA content to be disclosed as a separate chapter in the annual report and interim report, so it can be seen that the disclosure information of MDA plays an important role. The research on the usefulness of MDA is directly reflected in the value of MDA disclosure to investors. At present, the comprehensive and in-depth research on the usefulness of MDA in our country is still insufficient, especially the lack of research on the usefulness of MDA information disclosure from the angle of industry, so this paper has practical significance to analyze and discuss this issue. This paper takes the MDA of the annual report of the listed companies in the wholesale and retail trade industry from 2007-2009 as the research object, selects the cost control, the expense expenditure, the scale of operation, the major event, the product price, the product sales volume, the intangible assets of MDA information disclosure. Market forecasting, earnings forecasting and risk countermeasures are as variables. Firstly, the relationship between MDA and future operating income and net operating cash flow of listed companies is studied by multivariate regression analysis. Then the event analysis method is used to study whether the stock market is responding to MDA disclosure. Through theoretical and empirical research, it is found that the MDA disclosure content of listed companies in wholesale and retail trade industry in China has a significant incremental explanation ability to predict the future operating income and net operating cash flow. And the stock market to MDA information disclosure in a period of time also made a certain response. However, the results also show that there is still a selective preference for MDA disclosure in the management of listed companies in wholesale and retail trade. Finally, this paper provides relevant suggestions for investors and other stakeholders to effectively interpret the MDA information disclosed by listed companies in wholesale and retail trade. It also provides the corresponding reference for the securities supervision department to establish the MDA information disclosure requirement.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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