上市公司“管理层讨论与分析”披露质量影响因素研究

Research on the Release of Quality Problems from Management Discussion and Analysis in Listed Companies

本文设计了我国上市公司年度报告"管理层讨论与分析"披露质量的评价标准,并进一步构建了"管理层讨论与分析"信息披露指数。以我国上市公司为样本,采用实证方法研究了上市公司"管理层讨论与分析"披露质量的影响因素。研究发现,我国上市公司"管理层讨论与分析"披露质量主要受公司的股权集中度、独立董事的人数、公司规模、上市年限和是否海外上市等因素影响。

This paper is the first one to design the evaluation code of MD＆A disclosure quality and construct the MD＆A index. Based on the annual reports of Chinese listed companies and the self-designed indexes, we investigate the fundamental factors potentially influenced the quality of MD＆A disclosure. And the results indicate that the intensity of share rights, the number of independent board director, whether the president of the board and CEO are the same one, rate of asset and credit, and the years listed have influence on the quality of MD＆A disclosure.