创业板“管理层讨论与分析”披露影响因素实证研究

发布时间：2018-08-29 18:57

【摘要】：“管理层讨论与分析”(Management’s DiscussionAnalysis,简称MDA)制度最早由美国提出，指的是上市公司定期报告中管理层对于公司过去经营状况的评价分析以及对未来发展趋势的前瞻性判断。我国证监会于2001年引入了“管理层讨论与分析”这一制度，并在2005年强化了有关规定。2009年我国开启创业板市场，证监会对创业板上市公司“管理层讨论与分析”的披露内容进行了一定修改，使其更加符合创业板上市公司的特点。本文选取2009年及2010年的创业板上市公司年报，在前人研究的基础上，通过构建年报MDA信息披露内容分类及评分标准表（包含两部分九大项共29个子项目），对我国创业板上市公司MDA披露情况进行对比研究，了解目前我国创业板上市公司MDA信息的披露状况；此后选取了公司规模、盈利能力、财务杠杆、行业、公司治理结构、外部审计机构权威性、公司注册地点等变量进一步分析影响创业板上市公司披露MDA信息的影响因素。本文在结构上首先介绍了选题背景与研究意义，简要回顾了美国及我国MDA信息披露的演变，以及我国对创业板上市公司MDA披露要求，并介绍了国内外学者研究MDA信息披露的有关文献。在对创业板上市公司年报中MDA信息披露情况的分析过程中，本文发现创业板上市公司披露MDA信息中存在的问题包括少数创业板上市公司披露合规性不强、经营成果表面披露大于对资产质量的深入分析以及模板化披露现象较为严重，预测性披露及自愿性披露不强等问题。在对MDA信息总得分、历史信息得分、前瞻信息得分以及九大项目的实证回归分析中，本文选取若干变量对其进行逐步回归，在得到总体披露情况与选取的各变量无显著关系后，进一步分析历史信息、前瞻信息以及九大分项披露的影响因素。实证结果表明历史信息披露与上市公司所在地为发达地区正相关，而前瞻信息披露程度则与股权集中度负相关，具体到各部分下的披露情况为：历史信息披露中的“报告期内总体经营情况”披露与公司的财务杠杆呈负相关关系，“财务数据变动情况”的披露与公司本期盈利能力及公司所在地位发达地区正相关，“主要子公司、参股公司的经营情况及业绩分析”部分的披露与公司的本期盈利能力正相关，，而与公司规模负相关，“主营业务及其经营状况”以及“与经营相关的非财务信息的揭示”部分的披露与所选变量没有显著相关关系；在前瞻信息部分的披露中，“行业趋势及竞争格局”与公司的财务杠杆以及聘请的外部审计机构权威性呈负相关关系，“战略发展及规划”的披露受公司本期盈利能力的反向影响，“资金需求、使用及来源情况”部分与股权集中度、行业负相关，与公司本期盈利能力正相关，“风险披露”部分的披露则受公司本期盈利能力以及独立董事比例的正向影响。最后，本文在前述对创业板上市公司MDA信息披露情况以及实证研究其影响因素的分析后，结合在分析过程中发现的若干问题，提出对我国创业板上市公司MDA信息披露制度的相关建议，以期能对完善创业板上市公司MDA信息披露要求、提高披露水平以及有效监管上市公司“管理层讨论与分析”信息披露行为有积极的作用。具体建议包括确立MDA信息披露的独立地位，完善MDA信息披露框架；细化信息披露要求，强调信息的深入分析和实质性分析；建立披露MDA信息的奖惩制度，过渡性的引入“安全港”制度。
[Abstract]:Management's Discussions Analysis (MDA) was first put forward by the United States. It refers to the management's evaluation and analysis of the company's past operation in the periodic reports of listed companies and the forward-looking judgment of the future development trend. In 2009, when China opened the GEM market, the SFC revised the disclosure of the management discussion and analysis of the listed companies on the GEM to make it more consistent with the characteristics of the listed companies on the GEM.
This paper selects the annual reports of listed companies on the GEM in 2009 and 2010, and on the basis of previous studies, through the establishment of the classification and scoring table of MDA information disclosure content (including two parts, nine items and 29 sub-items), makes a comparative study on the disclosure of MDA of listed companies on the GEM in China, and understands the current situation of listed companies on the GEM in China. After that, we select the company size, profitability, financial leverage, industry, corporate governance structure, external audit authority, the location of company registration and other variables to further analyze the impact of GEM listed companies to disclose MDA information.
This paper first introduces the background and significance of the topic selection, briefly reviews the evolution of MDA information disclosure in the United States and China, and China's requirements for MDA disclosure of GEM listed companies, and introduces the relevant literature of domestic and foreign scholars on MDA information disclosure. In the process of disclosing MDA information, this paper finds that there are some problems in disclosing MDA information on GEM, such as a few listed companies on GEM are not in compliance with the disclosure rules, the surface disclosure of operating results is more serious than the in-depth analysis of asset quality, the phenomenon of template disclosure is more serious, the predictive disclosure and voluntary disclosure is not strong.
In the empirical regression analysis of the total score of MDA information, the score of historical information, the score of prospective information and the nine major items, this paper chooses some variables to carry on the stepwise regression. After obtaining that the overall disclosure has no significant relationship with the selected variables, it further analyzes the influence factors of historical information, prospective information and the nine major sub-items disclosure. The empirical results show that historical information disclosure is positively correlated with the location of Listed Companies in developed regions, while the degree of prospective information disclosure is negatively correlated with the degree of equity concentration. The disclosure of "financial data changes" is positively correlated with the profitability of the company and the developed areas where the company is located. The disclosure of "major subsidiaries, shareholding companies'operating conditions and performance analysis" is positively correlated with the profitability of the company in the current period, but negatively correlated with the size of the company, "main business and its operating conditions" and There is no significant correlation between the disclosure of "business-related non-financial information disclosure" and the selected variables; in the disclosure of forward-looking information, "industry trends and competition pattern" is negatively correlated with the financial leverage of the company and the authority of the external auditors employed, and "strategic development and planning" is publicly disclosed. Reverse effect of profitability in the current period, "capital demand, use and source" part is negatively related to equity concentration, industry, and positively related to the company's current profitability, "risk disclosure" part of the disclosure is positively affected by the company's current profitability and the proportion of independent directors.
Finally, after the above analysis of the MDA information disclosure of listed companies on GEM and the empirical study of its influencing factors, combined with some problems found in the analysis process, this paper puts forward some suggestions on the MDA information disclosure system of listed companies on GEM in order to improve the requirements of MDA information disclosure of listed companies on GEM. Specific suggestions include establishing the independent status of MDA information disclosure, improving the framework of MDA information disclosure, refining the requirements of information disclosure, emphasizing in-depth analysis and substantive analysis of information, and establishing rewards and penalties for disclosing MDA information. The system introduces the "safe harbor" system in a transitional way.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233;F224

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