管理层讨论与分析信息披露的有用性研究

发布时间：2018-12-11 18:15

【摘要】：随着资本市场的发展,传统的财务报表已不能满足投资者的需要。投资者希望得到更多关于公司的非财务信息和前瞻性信息。随着这种需求的强烈化,管理层讨论与分析(Management Discussion and Analysis,下文简称MDA)应运而生。MDA提供了传统财务报表及其附注所无法提供的信息,赋予投资者通过管理层眼睛透视公司经济实质的机会,满足了投资者对信息的相关性和前瞻性的更高要求(李长青,2005)。SEC在1965年12月9日发布的招股说明书准备和编写指南中正式提出了MDA。2002年世界通信等会计丑闻事件后,MDA成为SEC应对安然会计丑闻后采取的重要修正措施。2005年,MDA更被国际财务执行官协会主席Colleen Sayther认为是2004年财务执行官们应关注的十大财务报告问题之一。鉴于MDA的重要性,我国在2002年也正式引入MDA信息披露制度。经过2005年、2007年年报准则的重大修订,MDA的披露内容和披露方式都得到极大的丰富。但由于起步时间晚于国外发达国家,我国学术界对于MDA信息披露的研究相对国外要薄弱很多。因此对MDA信息披露进行实证研究,特别是研究MDA信息披露的有用性,具有非常重要的意义,它直接关系到披露MDA信息的必要性和合理性。本文首先对现有的MDA信息披露的相关研究文献进行回顾和梳理,在前人研究的基础上,结合MDA信息披露的相关理论,对MDA信息披露有用进行理论分析。其次对我国上市公司年报中MDA信息披露的现状进行了分析,结果表明我国上市公司在MDA信息披露方面存在着总体披露不够,个体披露差异很大；重历史信息,轻前瞻性信息；自愿性信息披露不足的现象。最后对MDA信息披露有用性进行了实证检验,从MDA的预测作用和短期市场效应两个方面来反映MDA信息披露的有用性,结果表明我国上市公司MDA信息披露具有预测作用和短期市场效应,但不同的信息具有的预测作用和市场效应是有差异的。总之,上市公司披露的MDA信息对投资者是有用的。研究结论支持了MDA信息披露的必要性,为中国制定较为完善的MDA信息披露制度提供了重要的经验证据。最后,笔者根据我国MDA信息披露现状的实证分析结果,提出了一些改进和完善中国上市公司MDA信息披露的建议,指出了本文研究的几点局限并对后续的研究提出了展望。
[Abstract]:With the development of capital market, traditional financial statements can not meet the needs of investors. Investors want more non-financial and forward-looking information about the company. As this demand intensifies, management discussion and analysis of (Management Discussion and Analysis, (hereinafter referred to as MDA) emerge as the times require. MDA provides information that traditional financial statements and their notes cannot provide. Giving investors the opportunity to see through the company's economic nature through the eyes of the management, meeting the higher requirements of investors for the relevance of information and forward-looking (Li Changqing, 2005). SEC in the prospectus preparation and preparation guidelines issued on December 9, 1965, formally put forward the MDA.2002 year World Communications and other accounting scandals, MDA has become an important corrective measures taken by SEC in response to the Enron accounting scandal. MDA is also considered by Colleen Sayther, president of the International Association of Financial executives, to be one of the top 10 financial reporting issues that finance executives should pay attention to in 2004. In view of the importance of MDA, China also formally introduced the MDA information disclosure system in 2002. After the significant revision of the Annual report Standard in 2005 and 2007, the contents and methods of MDA disclosure have been greatly enriched. However, the research on MDA information disclosure in Chinese academic circles is much weaker than that in foreign countries because of the late start time. Therefore, it is of great significance to do empirical research on MDA information disclosure, especially on the usefulness of MDA information disclosure, which is directly related to the necessity and rationality of disclosure of MDA information. Firstly, this paper reviews and combs the existing research literature on MDA information disclosure. Based on the previous studies, combined with the relevant theory of MDA information disclosure, this paper makes a theoretical analysis on the usefulness of MDA information disclosure. Secondly, the current situation of MDA information disclosure in annual report of listed companies in China is analyzed. The results show that the overall disclosure of MDA information in listed companies in China is not enough, the individual disclosure is very different, the historical information is more important than the forward-looking information. Lack of voluntary disclosure of information. Finally, the paper makes an empirical test on the usefulness of MDA information disclosure, which reflects the usefulness of MDA information disclosure from two aspects: the predictive role of MDA and the short-term market effect. The results show that the MDA information disclosure of listed companies in China has a predictive effect and a short-term market effect, but different information has different predictive and market effects. In short, the MDA information disclosed by listed companies is useful to investors. The conclusion supports the necessity of MDA information disclosure and provides important empirical evidence for China to establish a more perfect MDA information disclosure system. Finally, based on the results of empirical analysis on the current situation of MDA information disclosure in China, the author puts forward some suggestions to improve and perfect the MDA information disclosure of listed companies in China, points out the limitations of this study and puts forward a prospect for further research.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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