管理層討論與分析信息披露的有用性研究
發(fā)布時(shí)間：2018-12-11 18:15
【摘要】：隨著資本市場的發(fā)展,傳統(tǒng)的財(cái)務(wù)報(bào)表已不能滿足投資者的需要。投資者希望得到更多關(guān)于公司的非財(cái)務(wù)信息和前瞻性信息。隨著這種需求的強(qiáng)烈化,管理層討論與分析(Management Discussion and Analysis,下文簡稱MDA)應(yīng)運(yùn)而生。MDA提供了傳統(tǒng)財(cái)務(wù)報(bào)表及其附注所無法提供的信息,賦予投資者通過管理層眼睛透視公司經(jīng)濟(jì)實(shí)質(zhì)的機(jī)會(huì),滿足了投資者對(duì)信息的相關(guān)性和前瞻性的更高要求(李長青,2005)。SEC在1965年12月9日發(fā)布的招股說明書準(zhǔn)備和編寫指南中正式提出了MDA。2002年世界通信等會(huì)計(jì)丑聞事件后,MDA成為SEC應(yīng)對(duì)安然會(huì)計(jì)丑聞后采取的重要修正措施。2005年,MDA更被國際財(cái)務(wù)執(zhí)行官協(xié)會(huì)主席Colleen Sayther認(rèn)為是2004年財(cái)務(wù)執(zhí)行官們應(yīng)關(guān)注的十大財(cái)務(wù)報(bào)告問題之一。鑒于MDA的重要性,我國在2002年也正式引入MDA信息披露制度。經(jīng)過2005年、2007年年報(bào)準(zhǔn)則的重大修訂,MDA的披露內(nèi)容和披露方式都得到極大的豐富。但由于起步時(shí)間晚于國外發(fā)達(dá)國家,我國學(xué)術(shù)界對(duì)于MDA信息披露的研究相對(duì)國外要薄弱很多。因此對(duì)MDA信息披露進(jìn)行實(shí)證研究,特別是研究MDA信息披露的有用性,具有非常重要的意義,它直接關(guān)系到披露MDA信息的必要性和合理性。本文首先對(duì)現(xiàn)有的MDA信息披露的相關(guān)研究文獻(xiàn)進(jìn)行回顧和梳理,在前人研究的基礎(chǔ)上,結(jié)合MDA信息披露的相關(guān)理論,對(duì)MDA信息披露有用進(jìn)行理論分析。其次對(duì)我國上市公司年報(bào)中MDA信息披露的現(xiàn)狀進(jìn)行了分析,結(jié)果表明我國上市公司在MDA信息披露方面存在著總體披露不夠,個(gè)體披露差異很大；重歷史信息,輕前瞻性信息；自愿性信息披露不足的現(xiàn)象。最后對(duì)MDA信息披露有用性進(jìn)行了實(shí)證檢驗(yàn),從MDA的預(yù)測作用和短期市場效應(yīng)兩個(gè)方面來反映MDA信息披露的有用性,結(jié)果表明我國上市公司MDA信息披露具有預(yù)測作用和短期市場效應(yīng),但不同的信息具有的預(yù)測作用和市場效應(yīng)是有差異的。 總之,上市公司披露的MDA信息對(duì)投資者是有用的。研究結(jié)論支持了MDA信息披露的必要性,為中國制定較為完善的MDA信息披露制度提供了重要的經(jīng)驗(yàn)證據(jù)。最后,筆者根據(jù)我國MDA信息披露現(xiàn)狀的實(shí)證分析結(jié)果,提出了一些改進(jìn)和完善中國上市公司MDA信息披露的建議,指出了本文研究的幾點(diǎn)局限并對(duì)后續(xù)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.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F233;F832.51;F224
本文編號(hào)：2373003
[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.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F233;F832.51;F224
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